.RVEKOJA
HAKSirrAMT
V- • /
ARVEKOJft
Ooceeti/
J/otH/ml
Paper Money
of the Republic of Estonia...page 6
Volume 37, No. 4,1998
BANKNOTE AUCTIONS 1998
November 22 Hong Kong
BANKNOTE AUCTIONS 1999
March 26
April 27
June 19
September 30
November 20
Melbourne
London
Singapore
London
Hong Kong
In addition to the above sales, we are planning an important
sale of Scottish Banknotes in Glasgow during 1999.
We welcome any inquiries relating to any of the above sales.
For further information, please contact Barnaby Faull/Sarah Dennehy
TEL: +44 (0)171 930 7888 FAX: +44 (0)171 839 4853
# & f
SPINK & SON LTD. 5, 6 & 7 KING STREET, ST JAMES’S, LONDON SW1Y 60S. TEL: 071-930 7888. FAX: 071-839 4853. TELEX: 916711.
English Paintings and Watercolours ■ Oriental, Asian and Islamic Art • Textiles ■ Medals ■ Coins ■ Bullion ■ Banknotes
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its members. Founded in 1961, the Soci¬
ety now has a membership of approx¬
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over 100 countries.
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The current annual dues H in U. S. Dollars
and U. K. pounds, are:
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Applications for ail categories of mem¬
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secretary.
Changes of address may be sent to the
general secretary, Milan Alusic (address
next page).
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I.B.N.S. Journal
Volume 37, No. 4,1998
Editor, Steve Feller
Contents
President's Message. 1
Editor's Column. 2
Society Officers.*.......... 2
Letters to the Editor..... 4
Paper Money of the
Republic of Estonia............. 6
by ]uri Rudich and Ants Kulo
Romana Acosta Banuelos—
Trail Blazer and Role Model....,17
by jack H. Fisher
The 1967 £20 Issue of the
National Commercial Bank
of Scotland..................19
by Peter Symes
Bank Notes of PMR—
The Transdiestr
Moldavian Republic....*...*,_.............. 21
by Thomas Augustsson
The Eurodollar ........ 26
by Dr, Bryan Taylor
The Kings of Thailand
on Bank Notes...........32
by Henry R. Heath
Mexican Bank Note
Treasure Found .......38
by Jaime Benavides
A Visit to Coe College .........40
by Fred Schwan
Rachel Notes
More Fun And Exciting
than Carrying Chickens
Around With You ....42
by Rachel Feller
LB.N.S. Minutes .....44
Classified Ads......51
Articles published in this Journal are copyrighted
and may not be reproduced in any form without
written consent of the I.B.N.S. and/or the author.
President's
Message
Season* Greetings to
all and I hope ev¬
eryone has a great
holiday period.
I attended the
London show and
board meeting in
October, It was a
grea t pleasure to meet our European
members and other collectors. I want
to thank all who made my stay so
enjoyable.
Guess what? No U.S. material was
at the show. Seemed very strange.
We are still working cm establish¬
ing an I.B.N.S. WEB site. Also, we
are working on a method, whereas,
the membership can pay their dues
and any other Society obligations
using a credit card. Will advise all
when it goes into effect and when it
can be used.
I attended the show in St. Louis,
on Oct. 23-24, 1998. It was well at¬
tended, but sadly, there was no
LB.N.S. program. This is not the way
to promote the hobby and/or the
Society.
The next show is CPMX, in
Chicago, on Feb 19-21,1999. LB.N.S.
will have a table, exhibit, and a
program.
After this, comes the big show in
Maastricht, on Apr 17 & 18, 1999,
which will also include an I.B.N.S.
board meeting. Any member wish¬
ing to bring anything to the table,
should send their ideas and/or sug¬
gestions to the Society's Vice-Pres¬
ident or myself, so they can be added
to the board's agenda.
Finally, a word to the wise. When
members do not pay their dues in a
reasonable time, he /she is dropped
from the membership rolls. There¬
fore, they will no longer receive any
of the Society's publications, includ¬
ing j ournals, newsletters, auctions,
etc. Please keep your dues current.
That's enough for now.
Best wishes in the new year to all.
Bob Brooks
President
1
I.B.N.S. JOURNAL
Editor's Column
A numismatic ad¬
venture awaits
your editor In early
December I will be
traveling with a
student to pursue
research on a book
project. We will be
going to the Isle of
Man (near Ireland,
England, and Scotland) and to Israel. We
travel in pursuit of information on camp
currencies of the second world war. We
are going to the isle of Man because in
the war this Isle was home to some ten
distinct internment camps with money
known from most of them. The island's
museum has original camp materials
including camp newspapers and there
are still people on the island who both
worked and lived in these camps. In
Israel we will travel to the premier Holo¬
caust archive in the world—the Yad
Veshem in Jerusalem. This should be a
primary source of information on the
German concentration camps and ghet¬
tos, many of which issued money. It is
my hope and that of publisher Fred
Schwan of BNR Press to have this book
appear in this millennium.
Speaking of Fred, he paid a visit to my
college where he spoke on the general
topic of World War II money. He also
spoke, indeed it was more like a perfor¬
mance, on the monetary aspects of the
Berlin blockade. Several veterans at¬
tended the talks and one even brought
his collect ion of paper money from that
period. See his column for more details
on these escapades.
Daughter Ray writes this month on
money to be found within a secondary
school in Iowa. These include paper chits,
plastic money, and reward money is¬
sued within the classroom! Of course I
take rightful pride in her writing—it is
one of my favorite parts of our maga¬
zine. Her first column. The Convent ion
Under the Arch , appeared in Vol ume 31
#4 (1992) when she was only at the ten¬
der age of 10! Her regular column began
in 1994 under the general title Rachel
Notes. As of this issue she has written
nineteen columns! Ray has joined the
Numismatic Literary Guild and is a
member of the American Numismatic
Association, Now' almost seventeen Ray
is taking several classes at Coe College
while she is a junior at Kennedy High
School in Cedar Rapids.
I wish every one a happy and prosper¬
ous new year in 1999.
Best
Steve Feller , editor
Society Officers
President
(also US Auctioneer)
R.J, (Bob) Brooks*
P.0. Box 6
Racine W1 53401 U.S.A.
1-414-681^930
General Secretary
Milan Alusic*
P.O. Box 1642
Racine, WT 53401 U.S.A.
1-414-5544255
UdC Auctioneer
David Hunt*
20 Oakdale Close, Ovcnden
Halifax, W Yorks HX3 5RP
U.K.
Chair, Education Committee
Brian Stubbs
P.O. Box 1298
Chicago, IL 60690
U.S.A,
Journal Editor
Steven A. Feller*
Physics Dept. Coe College
12201st Ave, N.E.
Cedar Rapids, IA 52402 U.S.A.
1-319-393-7052 (home)
1-319-399-8633 (office)
Fax: 1-319-399-8748
sfeller@coe.edu
First Vice President
Guido Crapanzano
Via Marradi, 5
1-20123 Milano Italy
39-2-805-6228
Fax: 39-2-445-9856
Treasurer (also
General Advertising Mgr.)
Joseph E, Boling
P.0. Box 8099
Federal Way WA 98003-0099
U.S.A.
1-253-839-5199
Fax: 1-253-839-5185
joebol in g@a ol .com
European Librarian
Michael A. Turner
Werner-Friedmann-
Bogen 38
D-8Q993 Miinchen
Germany
49-81-141-3660
michaeL tumei@pcm.bosch.de
Chair, Grievance/
Discipline Committee
Chris tof Zellweger*
Giessenstr, 6
CH-9434 Au (SG)
Switzerland
Second VP,
Newsletter Editor
Murray Hanewich*
P.O, Box 594
Oyen AB T0J 2J0 Canada
1-403-664-2334 (also fax)
iskanda r@tel uspl a net. net
Asst. General Secretary/
Assh Treasurer
Mrs. Sally Thowney*
36B, Dartmouth Park Hill
London NWS 1HN U.K.
44-171-281-0839
U,S. Librarian
Angus Bruce
832 E. Marion Ave
Hemet, CA 92543 U.S.A,
1-909-652-8461
Immediate Past President
Jos E M. Eijscrmans
P.O. Box 3240
NL-5930 AE Tegelen
Netherlands
31-77-477-4047
Fax: 31-77-477-4027
apnc .ei jsermans@wxs, nl
Society
Officers
James H. Adams
U.S.A
Anthony R.G. (Tony) James
Australia
Thomas Augustsson
Sweden
Antonio E. Pedraza
Colombia
Cem Bari ok
Turkey
Tony Pisciutta
U.S.A.
Alban Bogeat
France
Clyde M, Reedy
U.S.A.
Howard A. Daniel 111
U.S.A.
Emil W, Schneider Switzerland
Stephen A- Dowsett Australia
Michael A. Turner
Germany
Brian Giese
U.S.
TEA. (Theo) van Elmpt
UK.
E. (Ermelindo) Giulianini
Italy
Chris tof Zellweger Switzerland
William G. Henderson
U.S.A.
Ex-Officio Members
Milan Alusic—General Secretary
William Mross—Legal Counsel
Joe Boling—Treasurer
Additional
Appointed Positions
Advertising Manager:
Joseph E. Boling*
U.S.A,
Assistant Advertising Manager:
Pam West*
U.K,
Awards Program Manager:
Milt Blackburn*
Canada
Legal Counsel:
William F. Mross*
U.S.A,
Archivist — Historian:
Peter J. Rader
U.S.A,
Honorary Director for Life:
William H. Stickles
U.S.A,
* Ex-Officio Member of the Board of Directors
2
VOLUME 37, NO. 4
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3
I.B.N.S. JOURNAL
Letters to the Editor
Dear Editor,
Since completing my study on the
bank notes issued in Biafra, and
having that study published in the
LB.N.S. Journal (VoL 36, No. 4), 1
have received intelligence from
two members of the I.B.N.S. that
allows more accurate estimates of the
number of notes prepared for the
secessionist state. This Intelligence
lends itself to answering the questions
regarding the number of notes
prepared for the Bank of Biafra, as
raised in a letter to the Editor by P.
Michael Rhodes in Vol. 37, No. 2 of
The Journal. I am indebted to Michael
Turner of Germany and Michael
Walker of Canada for the information
which allows the more accurate
estimation of the number of notes
prepared.
Firstly, Michael Turner, a keen
collector of Biafran bank notes, has
provided me with a much wider
range of serial number prefixes than
(had previously been aware. The
range of prefixes is reproduced in the
chart below. Secondly, Michael Walker
has drawn to my attention the fact
that the first numeral in the serial
number for all notes of the second
issue is always zero. Thus only six
digits are used and this would mean
that only one million notes were
prepared for each prefix, and not the
ten million which I had surmised in
my study.
The result of the information
received would allow the following
revised estimates:
First issue
(10 million per prefix)
5s. A/O & A/P 20 million
£1 A/A to A/D 40 million
Second issue
(1 million per prefix)
5s. MAtoMZ
24 million
(except MI & MO)
NA to NR
16 million
(except NI & NO)
Total 5s.
40 million
10s. GA to GW
19 million
(except GI & GO)
£1 BA to BZ
24 million
(except BI & BO)
C A to CZ
(except Cl & CO)
24 million
DA to DX
(except DI &c DO)
22 million
Total £1
70 million
£5 WAtoWF
6 million
£10 ZAtoZC
3 million
I trust this information is of use to
those enthusiasts with an interest in
the bank notes issued by the Bank of
Biafra.
Yours sincerely ,
Peter Symes f I.B.N.S. #4245
73A Theodore Street
Curtin , ACT, 2605
Australia
Dear Editor,
I'm a new member of the I.B.N.S. and
enjoy receiving the journal. I hope to
write some articles for The journal
soon, and will send them to you when
I do. I would probably lean toward
some more theoretical articles, trying
to explain why bank notes are the way
they are. My interest in bank notes
comes from my background. I have a
PH.D. in economics and teach Eco¬
nomics and Finance. I also have a
company. Global Financial Data,
which has the most extensive database
of historical financial data available
anywhere. For example, we have
monthly data on exchange rates back
to the 1590s, so if you wanted to know
what a Russian ruble was worth in
terms of British pounds in 1895, we
have the data. 3 am also working on
an idea which could dramaticaUv
affect bank notes around the world, to
wit, linking the euro and the dollar
together to forma single currency I am
sending you a summary version of the
paper, not necessarily for publication,
but in the hopes that you find the
article interesting. If you find it
intriguing, you might visit my web
site where you can find more articles
at http: //www.globalfindata.com/
dollar, htm
Bryan Taylor
Editor's Note: J did find Mr Taylor
article intriguing—please see page 26
for the article.
Dear Editor,
Here are some images on notes
acquired at the London Paper Money
Show in Oct. '98.
A new type of 100 dinars 1994 in
Sudan has been issued which is
without printing on the watermark
area and has a segmented security
thread. Even the serial number is
different by type and color.
In Cyprus, 2 types of 1 £ notes have
been released. They differ by color
and the place of the segmented
security thread. The 2 dates of issue
are 1-2-97 and 1-10-97.
Enjoy the images.
Best regards ,
THamas A i tgus tssof i ,
I.B.N.S. #7459
tho mas .a ugusts$on @$wipnet .se
Two types of £1 notes from Cyprus.
Note the placement of the security strip.
The color is also different.
4
VOLUME 37, NO. 4
Back of £1 note from Cyprus*
100 dinars note from Sudan without
printing on the watermark area*
The note is from 1994.
Dear Editor
Concerning:
Zaire Note Pick Nr12—
1 Zaire—100 makuta
Catalogues: World Paper Money,
7th ed, Vol. II-Volume III
In the above catalogs it is mentioned
that the vignette is "Mobutu leading
inoculation" but said assertion is
completely wrong, indeed the back of
said note shows Mobutu during one
of his numerous speeches saying
Retroussons les munches Literally,
"Lets's us roll up our sleeves" which
is a French expression meaning it is
time to work (this expression was
used during this period nearly in each
speech of Mobutu).
The above information has been
confirmed by Hdmz printer.
Will you please change this
information in the next catalog edition
and publish it in the next Journal,
Hoping 1 have been of some help
Your sincerely,
l V. Ration, LB,N,S. #5513,
179, Bvd, G. Van Haelen
1190 Brussels
Belgium
Dear Editor,
Much as an Oriental chop mark or
Occidental merchant s counterstamp
can enhance the numismatic interest of
a metallic piece, some markings on
paper money, rather than being
defacements, cry out for research. I
have one such note, the Bank of
Canada's 1937—dated $1 which saw
extended service during World War 11
and in the decade that followed. The
note is common (close to 800 million
were issued), and in the worn condi¬
tion of my example, is flea market
material*
The back of the note has a large
purple marking (90 mm x 50 mm),
which I am rather anxious to decipher.
The impression, as I read it, is, within a
box, "N°5FN R / 2659/ and is upside
down relative to the note. Preceding
the rectangle, 33 mm high, is "$1,"
with the "1" inverted relative to the
dollar sign* The note is B/L series,
which dates it late 1943, but is well
worn, so it may have been stamped
12—18 months later* The "R" suggests
Regiment, and one can imagine a
bored serviceman fooling around with
an orderly room stamp...except for the
part that says, explicitly "$L" Might
this be some attempt to control or
direct the flow of currency at a remote
or out—of— Canada base, or some
unchronicled precursor of Unde Sam's
MFC's?
I shall do my homework at our War
Museum and with World War H
veterans' groups, but if anyone has seen
anything like it or has informations or
suggestions, I'd be delighted to hear.
Harold Don Allen , FRMS
Charter and Life Member
6150 Bienville
Brassard , Quebec, Canada J4Z 1W8
$1 back of Canada with unknown overstamp
Dear Editor,
With interest I read the article "The
Grand Duchy of Luxemburg," written
by Mr. Heath in Vol. 37, No. 3, but
there, where he describes the 100
francs bank note, issued by the
Banque Internationale a Luxembourg
he is making a mistake.
He writes that the note of 1961
carried the conjoint portraits of Grand
Duke Jean and Henry, and that is not
so. Under the illustration of the note
on page 12, we read: "Grand Duke
Jean with Duke Henry Luxembourg,"
but it should read "Grand Duke jean
with Prince Henry of the Nether¬
lands!"
Prince Henry was a brother of
William HI, king of the Netherlands,
and in 1849 he opened in the name
and on the orders of his brother, the
king, a session of the Luxemburg
Chambers and on February 5,1850, he
was appointed by his brother the king
as Stand houder (governor) of Luxem¬
burg and there he represented his
brother.
From this time up to his death in
1879 he dedicated himself entirely to
Luxemburg interests and he became
immensely popular.
As a mark of honor The Banque
Internationale a Luxembourg put his
image on the 100 francs note*
Prince Henry was born at
Soesdijkpalace on June 13,1820, as the
second son of King William II, and he
died on January 14,1879, in
Woferdingen in Luxemburg.
Hoping you will send this data to
Mr. Heath so he may correct his story.
Best greetings,
A.C.F.Beek,LB.N.S,#569
Sassemjeo >
Lagerdreef 127
The Netherlands
5
I.B.N.S. JOURNAL
Paper Money of the Republic of Estonia
by Juri Rudich, I.B.N.S. #6793 and Ants Kulo f I.B.N.S. #6952
Part I: Period 1918-1928
Although the Republic of Estonia
had already been proclaimed on
February 24/1918, under the condi¬
tions of German occupation any kind
of public activity to establish inde¬
pendent statehood was inconceiv¬
able, The opportrinity to do so came
only after the surrender of Germany
to the victors of World War 1 on
November 1st 1918. On the same day
the Estonian Provisional Government
reassembled, and besides other vital
questions, a lot of attention was paid
to developing the financial system.
In order to set about arranging the
political life of the country as fast as
possible, on the 19 th of February the
Provisional Govern men t passed the
Provisional Administrative Laws,
which revalidated the old laws in force until October
24 th , 1917, and the ones passed by the German military
authorities in Estonia and Livonia. The decree of the
occupation government from September 15 th , 1918 was
left to regulate finance and that validated the mark as
standard in Estonia. Besides the German State's
Ostmarks different kinds of Russian rubles were also in
circulation in Estonia at this time* To facilitate the
circulation of these different currencies on November
18 th , 1918 the Provisional Government decided to
establish a fixed exchange rate for them all. According to
the regulation by the Minister of Finance, referring to the
ruling from the time of occupation, from December 3rd
the East ruble was rated the highest, equaling 2 marks. A
Czar's ruble came to cost one mark 50 pennies, a
Duma's ruble one mark and 25 pennies, and a Kerenski
ruble one mark.
At that time important events took place on the
eastern border of Estonia. On November 29 ih the Red
Army troops occupied Narva, where on the same day a
socialist republic was proclaimed under the name of the
Working People's Commune. Already on December 2 nd ,
1918 a decree for arranging financial matters was issued.
With this document the ruble in circulation in the
Russian SFSR was established as the legal tender on the
territory under the Soviet power, while the Czar's,
Duma's and Kerenski ruble were rated equal.
So the same bank notes were in circulation in both
parts of Estonia, but within the
framework of two completely differ¬
ent financial systems. However, the
influence of the above mentioned
decree lasted for a short term, be¬
cause by the middle of 1919 Estonia
had been freed from occupation.
The national reconstruction work
and the War of Independence re¬
quired unprecedented expenses from
the young state. To mitigate a major
shortage of money, several European
countries were approached for a loan.
However, help was only given by
Finland from where, at the beginning
of December in 1918/10 million marks
were conveyed to Estonia. On
December 14 th , 1918 the Provisional
Government issued a ruling, accord¬
ing to which the Finnish markka was
proclaimed to be the legal tender within the borders of
the Republic of Estonia*
As for its exchange rate, it was to be equal to the
Ostmark or 50 kopecks*
Concurrently with seeking loans from abroad, activi¬
ties for obtaining money also went on in Estonia* Since
the population had abundantly diverse bills, the Govern¬
ment made a proposal to start issuing 5 per cent state
fidelity notes, i.e., to arrange a domestic loan. In prin¬
ciple the National Council approved the project on
November 23 rd . Its decision established 30 million marks
as the subtotal of the planned emission and appointed
the dates of redemption as May 1st, June 1st, and July 1st
of 1919. The Provisional Government was given the right
to permit the Ministry of Finance, in case of necessity, to
issue additional state fidelity notes for 20 million marks
in series with a term and interest rate fixed by the
Government* At the same time the subscription of notes
advanced fairly slowly in spite of active propaganda.
Even establishing an obligation to subscribe for the loans
did not help. By the 16 th of January 1919 on account of
the fidelity notes only 8.9 million marks had come in for
the state; that is approximately 30 per cent of the
planned subtotal. Mention should also be made of the
fact that the Red Army temporarily occupied a large part
of Estonia at that time. To prevent a total failure of the
domestic loan, the Government had no other choice but
to proclaim the notes legal tender with its regulation of
President of Estonia
6
VOLUME 37, NO. 4
January 16 th . On January 30 th a specify¬
ing announcement of the Minister of
Finance was issued which claimed
that the official currency would be 50
to 100 mark notes. However, the 5,000
to 10,000 bills remained promissory
notes as before.
The 5 per cent state fidelity notes
were not the only liabilities of the
Republic of Estonia that found use as
a substitute for money. On January
19th, 1920 the Government passed a
bill, which gave the Minister of
Finance, in order to supplement the
sum in the Treasury, the right to issue
short term treasury bills, the subtotal,
redemption date and interest rate of
which were to be fixed by the Govern¬
ment. The treasury bills were to have
the signatures of the Minister of
Finance, the Treasurer, and the Director of the State
Accounting Department. The state took responsibility for
them. So the Government decided to increase the domes¬
tic loan by 250 million marks. Although the bills were
meant to improve the financial situation of the state in
the first place, the population started to use them as a
protective means of payment. However, by 1922 a
sufficient amount of 1000-mark treasury notes had come
into circulation.
However, the short-term 5 per cent state fidelity notes
were not the first legal tender issues of the independent
Estonia. Already a couple of weeks before them the
receipts of payment of the Tallinn Clearing House came
into circulation as a currency.
A clearing house is a place where transactions can be
settled through inter-bank transfers. This kind of a
procedure saves, firstly, a large amount of cash and
secondly, notably speeds up and simplifies management.
The initiative in founding the Clearing House was taken
by Tallinn's credit banks at the end of the year 1918*
The Clearing House, founded by the Harju Bank with
consent of the Ministry of Finance, issued checks of
different values for more than 150,000 marks already in
December 1918. Naturally, the checks were used only to
conduct their own dealings. To mitigate the severe
shortage of bank notes, in January 1919 the Provisional
Government passed a bill according to which "...notes
issued besides the Ostmarks approved by the Tallinn
Clearing House were to be granted
the character of legal tender.
In January 1919 bank notes were
substituted for by the Clearing House
checks, but at the end of February the
first 20,000 marks of notes specially
printed as currency came into circula¬
tion. They were emitted in two face
values: the A-series 100 mark notes
and the B-series 50 mark notes. The
rest of the denominations and series
which are mentioned by several
catalogues, are unfortunately the
result of their authors' imagination.
This is probably based on the law
published in Riigi Teataja and on the
fact that the 100 and 50 mark notes
belong to different series.
The uncontrolled amount of bills
issued by former governments with
the additional bonds of different kinds and foreign notes
was not enough to satisfy the need for currency of the
young independent state. Therefore, Estonia started
making preparations for the printing of its own domes¬
tic money simultaneously with issuing the above
mentioned notes.
Already, at a meeting of the Provisional Government
on November 3Q lh , 1918 the decision to establish the
Estonian mark as the state standard was made. Found¬
ing a bank took a while, but since there was the treasury,
the Government decided to start issuing money as
treasury notes to begin with. The next legislative step
towards an Estonian currency was the regulation by the
Provisional Government from December 9 th , 1918, which
granted the Minister of Finance the right to put the
treasury notes into circulation* The notes were to be
printed in 5,10, 20, and 50 penni and 1,3, 5,10, 20,50,
100, and 500 mark denominations, while the amount of
emission was to be fixed by the Provisional Govern¬
ment. The exchange rate of the Estonian mark was to
equal 1 Ostmark or 1 German mark or 50 kopecks.
The choice of a mark as the denomination was not
accidental. The Finnish standard has usually been cited
in connection with the circulation of the Finnish markka
during the first month of the Republic of Estonia.
However, the Finnish markka became the legal tender of
Estonia only on December 14th, that is two weeks after
the Government's decision. As mentioned previously, at
Minister of Finance of Estonia
7
I.B.N.S. JOURNAL
that time Estonian finance was based on the laws of the
German occupational government, which had estab¬
lished the mark standard in Estonia. In its decision the
Provisional Government could not, and did nob want to
contradict this. The idea was to issue their own currency
according to the established mark standard.
Already before issuing the respective regulation, a
search was started in Estonia to find printing facilities,
but no notable success was made. Therefore, the Govern¬
ment was again forced to turn to the other coast of the
Gulf of Finland for help, where Tilgmann Lithography in
I lelsinki met the request of Republic of Estonia. The
printing of treasury notes at Tilgmann began on March
17 th , 1919 with the 3 mark notes. In addition to these, the
5,10,25, and 100 mark notes were printed at the
Tilgmann company.
Simultaneously with organizing the printing of notes
in Finland, the search for printing facilities continued at
home. To solve the practical problems of printing money,
a State Bank Note Printing Department was formed. It
began operating in February 1919. However, fairly soon
the limited technical potential became evident; it barely
allowed the printing of exchange money. Originally two
private printing offices were chosen for the purpose.
The printing of bank notes in poorly equipped private
companies did not meet the growing needs of the small
republic. Therefore, on April 26 th , 1919 a proposal was
made to concentrate the printing of all notes into one
printing office and to furnish it with equipment, in
keeping with the demands of the modern times. On May
10 th , 1919 Paalmann's enterprise located in Tallinn was
sequestrated for that purpose, and was subjected to the
Ministry of Finance. On July 15 lh the State Printing Office
rooms in Toompea were handed over by it to the Minis¬
try of Court. The machines necessary for printing money
were bought mainly from Germany. As the rooms of the
State Printing Office did not enable the usage of the
acquired equipment, new premises were built, specially
designed for that purpose. A suitable site for this was
acquired in 1922. The printing office was handed overby
the constructors in the spring of 1924. The printing office
was a modern plant for its time, being able to print all
the bank notes needed in Estonia. The printing office's
existence in its planned function was terminated by the
Soviet air raid on March 9 th , 1944.
The budget deficit, which had become a chronic
problem, was a cause of impetuous emission. Naturally
the main attention during 1920 and 1921 was paid to the
printing of treasury notes with larger face values,
primarily the 500 and 1000 mark notes.
This first stage in emitting Estonian money was
characterized by an active issuing of unsecured notes as
the most important source of income for the state. As a
result, the value, of the Estonian mark declined quickly.
Beginning in 1922 the financial situation stabilized to
a certain extent. Thanks to the reorganization of the
spirits monopoly and the custom's tariffs, the Treasury
finished the year in a surplus for the first time. There¬
fore, as there was no necessity to print more money they
began withdrawing it from circulation. It is understand¬
able that an emission became quite rare. In the 1920s
only the 50 and 100 mark bills of 1923 were added to the
above, while a new edition was printed in 1927 with a
new series notation printed on them.
Estonian bank notes were also printed at the Otto
Eisner's enterprise in Berlin. From 1922-1924 an order
for the 100,1000, and 5000 mark bills was completed
there. The last series of bank notes in the mark standard
was issued by the State Printing Office in Estonia.
Part II:
Banking and Currency Reform. Krooni system.
In the first half of the 1920s the Estonian mark had
devalued considerably. For a certain time it had been
possible to stop the inflation and secure the relatively
stable 375-mark exchange rate to the dollar. But it was
obvious that it would not last long. A financial reform
proved to be necessary which in other Baltic states had
already taken place in 1922, when they had changed to a
new national standard.
Face and back of 50 marka note, 1919.
8
VOLUME 37, NO, 4
100 marka P58 (back), 1922
On June 20 th the State Assembly passed the law which
set the Estonian standard on a gold basis. The kroon was
affirmed as the basic monetary unit and was valued at
0,403226 grams of pure gold. At the stock exchange the
kroon had to be quoted according to the price of gold in
the world market. This gold kroon was never issued, but
was used as money of account in making foreign con¬
tracts.
At the same time it was obvious that without a large
foreign loan, the gold kroon would be unthinkable. The
English recommendated in September 1924 that the
League of Nations be approached with a request for an
authorized statement on the financial situation of
Estonia.
The recommendations accepted at the meeting of the
Financial Committee in October 1926 in Genf provided
five primary means for the regulation of finances in
Estonia. The first of them was a new law on finance,
which was to bring the standard of the state to a firm
basis* Secondly, it was considered important to carry out
a reform of the statute of the emitting bank, so that the
Bank of Estonia would become independent from the
state and separate from the Ministry of Finance. The
third recommendation was to reserve to the Bank of
Estonia the sole right of emitting bank notes and hand
over to it the gold and other valuables necessary to back
up the money. Fourthly, to free the frozen amounts in the
bank, a loan and trust company was planned to be
founded that would have taken over all operations
concerning long term loans* And finally, to ensure the
new standard and the position of the Bank of Estonia, the
necessity to take loans from abroad was pointed out.
Thus, a new statute for the Bank of Estonia, a currency
law, and a law on terminating the emission of treasury
notes and exchange notes were prepared and accepted
on May 3rd, 1927. To carry this out, a loan of 3,848,000
US dollars and 676,000 English pounds was taken from
abroad. The laws regulating the currency reform came
into force on l s1 January 1928. Now the Bank of Estonia
became purely the central office of emission with the sole
right to issue bank notes. At the same time the minimal
face value of the bank notes could not be less than 5
kroons. The emission of treasury notes and other kinds
of paper notes, except for bank notes, was forbidden*
The face value of coins was not to exceed 2 kroons*
The currency law made the kroon the legal tender of
Estonia. One kroon was divided into 100 sents* Thus, the
gold standard enforced already in 1924 remained
unchanged, but now it acquired an important basis
because of the foreign currency received as a loan* The
bank notes of the Bank of Estonia were proclaimed legal
tender. The Treasury retained the right to mint and put
into circulation coins, while the weight, measures, and
contents of metal in them was fixed by the Government
at the suggestion of the Minister of Finance.
According to the new statute, the emission of bank
notes was concentrated in the Bank of Estonia, where a
special emission department was founded. The resolu¬
tion about printing bank notes was carried out by the
Board of the Bank at the suggestion of the management.
Similarly the designs of the notes were fixed. The
printing of bank notes was always registered officially
with the contract between the Bank of Estonia and the
State Printing Office. Before issuing new currency a
corresponding notice appeared usually in Riigi Teataja
and other newspapers.
In the first instance the printing of the 10-krooni bills
was started. It began on May 25 th 1928, and lasted until
April 7 th , 1930* In the beginning of April 1928 the man¬
agement of the Bank of Estonia adopted a decision to
print 50-krooni bills. After preparatory work the printing
of these bills started in the State Printing Office on April
7 111 ,1929 and ended on November 6 th of the same year.
On April 9 th the State Printing Office set about print¬
ing the 5-krooni bills. In the meantime the increased
need for money created an extra order, which was
signed between the Bank of Estonia and the State
Printing Office in June, 1931, About the same time, on
July 15 th , 1930, the Bank of Estonia made a contract with
the State Printing Office for the printing of the 20-krooni
bills. Additional orders from the Bank followed on
October 25 th , 1933 and February 5* h , 1934. The printing of
the 20-krooni bills started on April 11 th , 1932 and was
finished on April 16 th , 1934. Now at last came the time
for printing the bank notes with the greatest face value,
the 100-krooni bills. The corresponding contract was
signed on October 25 th 1933. But since it still lacked the
design, the printing could not be started until May 5 lh ,
1936* The work lasted for more than a year and was
finished on December 30 th , 1937*
With this the series of Estonian bank notes was
finished and all the planned denominations put into
circulation. However, with this the emitting of bank
notes did not cease. To meet the growing need for new
bills, the Board of the Bank derided to print a new
edition of 10-krooni note that would be distinguished
from the previous edition with the letter A marking the
9
1.8.N.S, JOURNAL
series. The corresponding contract was made with the
State Printing Office on August 10 th , 1936. The A-series of
10-knooni notes were printed with the year 1937, and put
into circulation on September 10th of the same year.
For those interested, another edition of 10-krooni
notes is known, which is distinguished from the previ¬
ous emissions with the letter B marking the series and
the year 1940, The contract for making 5 million of this
kind of bank notes was made with the State Printing
Office on March 16 th 1939, But in a rapidly changing
political situation this order was unfortunately not
fulfilled. True, the June overthrow T did not yet liquidate
Estonia's own system of money. The printing of the 10-
krooni notes continued until late autumn of 1940,
ceasing finally on November 27 th .
Part III;
Enterprising Factory Directorates,
In the first years of the republic there was a shortage
of bank notes. The shortage of token money was espe¬
cially strongly felt by company boards as there were
very few bank notes of smaller denomination. Factory
money was being produced already during the days of
the German occupation. On the 28 th of February 1918 the
Cement Works of Port Kunda issued 50-kopecks and 1
and 3 roubles tokens. This was followed by the Narva
Cloth Factory which ordered 1, 2 and 3 kopecks paper
tokens from a printing shop in August 1918.
Homemade currency issue was revived in 1919. It
started in Sindi Cloth Factory in the first days of the
Liberation War. From the 17 th of February to the P l of
August the
Sindi Cloth
Factory manage¬
ment issued an
amount of
promissory
notes worth 830
100 marks. The
denominations
were 50-penni
and 1,3,10,25,
50,100, 500
marks. The need
for their own
currency was
explained by the
necessity to pay
the workers'
wages in a
situation where
the smallest
state money
bank notes were
500 marks. The
JUfeStm wiljj
waenlase wastu
feftifc J»l ifcs !BIH flu kJMstan aryhiMia,
tuna kai wraltivt w tii oma wftt tttntim *#-
WUtMTifa, teat mutdu Ungtuit koyu nrta
pottluuai j* kodud vaulultla rUviaitfiki!
—=- Osthem ==s
riigikaitse 5\ benu
ridkat
bank notes of
Proof of 100 Krooni note, 1990
big denomination were only used to pay for firewood
provided by the local peasants. According to the factory
management the workers were not obliged to accept the
promissory notes, but used them quite happily, as with
the notes the workers could buy all they needed in the
factory shop. They also could always exchange the checks
for state money at the factory. By mid-September 1919 456
000 marks worth of promissory notes were removed from
circulation, which amounted to a half of the whole issue.
The experts of the State Treasury Head Office had a
slightly different view of the matter According to them,
factory workers were forced to accept the promissory
notes and, at least in the beginning, they were not ex¬
changed for state money Moreover, of the Sindi money
the 25, 50,100, and 500 mark notes had a redemption date
and their holders were entitled to a 6% bonus, while the
factory shop did not make a provision for this. This in
reality made it possible for the creditors to get cheap
credit. In addition to that there was no official permission
for the issue of promissory notes, though the Minister of
Trade was allegedly informed of the fact. Considering the
above, the officials' decision was harsh: the payment by
checks had to be stopped and the matter was handed
over to the State Prosecutor.
Narva enterprises were especially active in issuing
homemade money. On the 3 rd of March 1919 the Narva
Cloth Factory approached the City Governor with a
request for permission to issue promissory notes, as bank
notes of the average denomination from 1 to 50 marks
10
VOLUME 37, NO. 4
were practically out of circulation. The tokens were
meant only for paying salary and were to be circulated
only within the factory. Their acceptance by the workers
was not to be made obligatory. The tokens were to be
cashed for money by the 15 ,}l of May at the latest. By the
Governor's permission 5,000 3-mark, 3,000 5-mark, 2,500
10-mark and 2,500 20-mark notes were ordered from a
printing shop on the 13 1 * of March 1919. The overall
value of the notes was 105,000 marks. Despite the
factory management's promises the tokens were still in
use in September 1919, mainly in the factory food store.
The management of the Narva Linen Factory encoun¬
tered the same problems. The lack of change was acutely
felt when settling final accounts with the workers and
selling food at the factory store. With that in mind, the
factory directorate decided to issue their own promis¬
sory notes. At their request the City Governor gave
permission to print 102,000 marks worth of tokens. On
the 3^ of April the Linen Factory management ordered
from a printing shop 10,000 1-mark, 4,000 3-mark, 3,000
5-mark, 2,000 10-mark and 500 50-mark notes.
Actually, only 21,575 marks worth of notes were put
into circulation. The rest of the tokens were printed, but
not issued. By the 19th of September 1919 most of the
linen factory notes (21,264 marks) were removed from
circulation and destroyed. For that reason they are
extremely rare today. It may well be that none of the
notes of higher denomination have survived.
Though these currency issue activities cannot be
strictly speaking classified as arbitrary, the State Trea¬
sury Head Office declared them illegal and passed the
case on to the State Prosecutor. As a result, the Estonian
financial authorities started a campaign in the autumn of
1919 to ensure their exclusive right to issue bank notes
and prevent their uncontrolled issue. They managed to
completely eliminate any activities of such kind for the
next few years. For example, when the management of
Port Kunda Cement Works turned to the Ministry of
Finance with the request of printing 5 and 10 mark
notes, the answer was categorically no.
It was only in late summer 1941, when the German
troops occupied Estonia, that the Port Kunda manage¬
ment managed to issue their own rouble obligations.
They were valid, however, for only a few months. When
the new rule was established in the country, the circula¬
tion of local promissory notes was abolished.
CATALOG OF ESTONIAN BANK NOTES
Cat Denomination Date Description G F XF
Tallinna Arwekoja MaksutOit
Payment Notes of the Clearing House of Tallinn
First emission
At
50 Ost.marka
1919-1922.
Greenish. Cheque. Value written by hand.
With issued branch stamp.
-RARE-
Second emission
A2
50 (Gst) Marka
1919. Blue.
a. Without issued branch stamp* $300.00
$450.00
$900.00
b. With issued branch stamp*
250.00
400.00
800.00
A3
100 (Ost) Marka
1919.
Brown* With issued branch stamp.
450.00
850.00
1,200.00
Third emission
A4
5,000 (Ost) Marka
192 J1920-23).
Greenish*
-RARE-
A5
10,000 (Ost) Marka
192 (1920-23).
Green & brown.
-RARE-
A6
25,000 (Ost) Marka
192 (1920-23).
Green & brown.
-RAKE-
Eesti Wabariigi 5% Wtiakohustus
Republic Debt Obligators of $% interest
1919 Series A Issues
i a)
50 Marka
1.5.1919.
Gray Uniface.
60.00
180.00
—
2
50 Marka
1.5.1919.
Gray* Printed on both sides. 90.00
220.00
—
3(2)
100 Marka
1.5.1919.
Gray. Uniface. 120.00
280,00
4
100 Marka
T.5.1919.
Gray. Printed on both sides.
100.00
250.00
—
5
200 Marka
1.5.1919.
Gray. Uniface. 150.00
500,00
6(3)
200 Marka
1.5.1919.
Gray. Printed on both sides.
180.00
350.00
—
7(4)
500 Marka
1.5.1919.
Gray Uni face. 200.00
400,00
8(5)
500 Marka
1.5.1919.
Gray. Printed on both sides.
250.00
500.00
—
9(6)
1,000 Marka
1.5.1919.
Gray. Uniface.
500.00
1,000.00
—
II
I.B.N.S. JOURNAL
Cat
Denomination
Date
Description
G
F
XF
10
5,000 Marka
1.5.1R 9.
Gray, Uni face.
-RARE-
11
10,000 Marka
1.5.1919.
Gray. Uniface.
-RARE-
1919 Series B Issues
12 (7)
50 Marka
1*6.1919.
Yellow-brown, Uniface*
$60*00
$180*00
$--
13 (8)
50 Marka
1.6.1919.
Yellow-brown. Printed on both sides.
50*00
120.00
14(9)
100 Marka
1.6.T919.
Ydlow-b ro wn. U niface*
100.00
230,00
15
100 Marka
i. 6.1919.
Yellow-brown* Printed on both sides.
85,00
200,00
16(10)
200 Marka
L6.1919*
Yellow, Uniface* 200.00
400.00
- — -
17(11)
200 Marka
1.6.1919.
Yellow-brown. Printed on both sides*
250*00
500.00
18(12)
500 Marka
1.6.1919.
Yellow-brown* Uniface.
350.00
700,00
19
500 Marka
1.6.1919.
Yellow-brown, Printed on both sides*
-RARE-
20 (13)
1,000 Marka
1*6,1919.
Yellow-brown* Uniface,
500*00
1,000.00
21
1,000 Marka
1.6.1919.
Yellow-brown. Printed on both sides.
-RA RE-
22
5,000 Marka
1.6.1919.
Yellow-brown. Unjface. -RARE-
23
10,000 Marka
1.6.1919.
Yellow-brown. Uniface. -RARE-
1919 Series D Issues
24 (14 )
50 Marka
1.7.1919.
Green* Uniface.
55.00
120.00
25
50 Marka
1,7*1919.
Green. Printed on both sides*
45.00
100*00
26 (15)
100 Marka
1.7*1919.
Green* Uni face .
120.00
250*00
27
100 Marka
1.7.1919.
Green. Printed on both sides.
90,00
200.00
28 (16)
200 Marka
1.7.1919.
Green* Uni face.
180*00
350,00
—
29 07)
200 Marka
1.7.1919.
Green* Printed on both sides.
220.00
450,00
30 (18)
500 Marka
1.7.1919.
Green. Uniface,
275.00
550.00
31 (19)
500 Marka
1.7.1919.
Green* Printed on both sides.
325*00
650*00
32 (20) 1
,000 Marka
1,7*1919*
Green. Uniface.
500*00
1,0(10*00
33
1,000 Marka
1,7.1919.
Green. Printed on both sides.
-RARE-
34
5,000 Marka
1*7*1919,
Green. Uniface.
-RARE-
35
10,000 Marka
1*7*1919*
Green* Uniface*
-RARE-
1919 W/o Series First Issue
36(21)
50 Marka
1*11*1919*
Gray.
60,00
120.00
37 (22)
100 Marka
1*11*1919.
Yellow-brown*
90.00
180.00
38 (23)
200 Marka
LI LI 919.
Orange.
165.00
330.00
39 (24)
500 Marka
1.11*1919.
Green*
350.00
700.00
1919 W/o Series Second Issue
40 (25)
50 Marka
1*12*1919*
Gray. 50.00
100*00
—
41 (26)
100 Marka
1*12*1919*
Yellow-brown,
90.00
180.00
42 (27)
200 Marka
1.12*1919.
Orange.
225.00
450*00
43 (28)
500 Marka
1,12*1919*
Green*
500.00
L000.00
1920 W/o Series First Issue
44 (29)
50 Marka
1*1*1920.
Gray.
45.00
90,00
45 (30)
50 Marka
1*1.1920*
Blue*
40,00
80*00
—
46(31)
100 Marka
LI.1920*
Gray*
90.00
180*00
47 (32)
TOO Marka
1.1.1920.
Yellow-brown.
80.00
160*00
48 (34)
500 Marka
1*1.1920*
Gray.
325,00
650*00
49 (35)
500 Marka
1.1.1920.
Green.
260.00
520*00
1920 W/o Series Second Issue
50(38)
200 Marka
L5.1920.
Gray.
130*00
250,00
51
200 Marka
1*5*1920.
Orange.
165*00
300.00
Numbers 33, 36 &* 37 by SCWPM Bank of Estonia
declared, but not printed.
Eesti Vabariigi 6%-line kassa-veksel
Promissory notes of the Treasury of the Republic of Estonia
1920 Series A Issue of 4,5% Interest
52
1,000 Marka
1.7.1920.
Lilac.
500.00
1,000*00
—-—
53
5,000 Marka
1.7.1920.
Bluish gray.
850.00
1,500,00
—
54
10,000 Marka
1.7.1920.
Blue.
1,000.00
2,500.00
--
55
25,000 Marka
1.7.1920.
Pink,
-RARE-
12
VOLUME 37, NO. 4
Cat
Denomination
Date
Description
G
F
XF
56
100,00(1 Marka
1.7.1920.
Yellow.
RARE-
1920 Series B Issue of 5% Interest
57
1,000 Marka
1,9.1920
Lilac.
$500,00
$1 ,000.00
$—
58
5,000 Marka
1.9.1920
Bluish gray.
850.00
1 ,500.00
—
59
10,000 Marka
1.9.1920
Blue.
1,000.00
2,500.00
60
25,000 Marka
1.9.1920
Pink.
-RARE-
61
100,000 Marka
1.9.1920
Yellow
. RARE-
1920 Series D Issue of 5,5% Interest
62
1,000 Marka
1.12.1920.
Lilac.
500.00
1,000.00
—
63
5,000 Marka
1.12.1920.
Bluish gray
850.00
1,500.00
—
64
10,000 Marka
1,12.1920.
Blue.
1,000.00
2,500.00
—
65
25,000 Marka
1.12.1920.
Pink.
-RARE-
66
100,000 Marka
142.1920.
Yellow.
-RARE-
1921 Series E Issue of 6% Interest
67
1,000 Marka
1.2.1921.
Black.
500.00
1,000.00
68
5,000 Marka
1.2.1921,
Bluish gray.
850.00
1,500,00
--
69
10,000 Marka
1.2.1921.
Blue.
1,000.00
2,500.00
—
70
25,000 Marka
1.2.1921.
Pink.
-RARE-
71
100,000 Marka
1*2.1921.
Yellow.
-RARE-
* Each banknote above founding in specimen also. They are as right without difference in price and not marked in list as
single position.
Cat
Denomination
Date
Description
VC
VF
Unc
Eesti Vabariigi Kassatdrt
Republic of Estonia Treasury Note
72 (39)
5 Penni
ND (1919).
Green,
a. Issued note.
1.00
2.00
5.00
s. Specimen.
30.00
60.00
150.00
73 (40)
lOPenni
NDU919).
a. Gray. Printing: Bergmann, Tartu.
5.00
10.00
25.00
b. Brown, Printing: Riigi Tr(kikoda, Tallinn. LOO
2.00
5.00
s. Specimen.
30.00
60.00
150.00
74(41)
20 Penni
ND (1919).
Yellow.
a. Issued note.
LOO
2,50
6.50
s. Specimen.
15.00
35.00
50,00
75 (42)
50 Penni
1919.Blue.
a. Issued note.
L50
4.00
12.50
b. Proof. Black ovpt. on white paper.
—
150,00
250.00
s. Specimen.
35.00
70.00
150.00
76(43)
1 Marka
1919.
Brown-Yellowish,
a. Issued note.
1.50
4.00
12.50
b. Proof. Black ovpt. on white paper.
—
100.00
150,00
c. Proof, Green ovpt. on yellowship paper, -
100.00
150.00
s. Specimen.
35.00
70.00
150.00
77(44)
3 Marka
1919.
Green.
a. Issued note.
3.00
7.00
20.00
s. Specimen,
35.00
70,00
150.00
78 (45)
5 Marka
1919.
Blue. Thin or thick paper
a. Issued note.
3.50
7.50
30,00
s. Specimen.
15.00
35.00
50.00
79 (46)
10 Marka
1919.
Brown
a. K(MME MARKA with blue border
5.00
15.00
35.00
Wmk : Light horizontal line s.
b. K(MME MARKA with blue border.
5.00
15.00
35.00
Wmk : Light vertical lines.
13
I.B.N.S. JOURNAL
Cat Denomination
Date
Description
VG
VF
Unc
c. KfMME MARKA w/o border.
Wmk : Light horizontal line s.
$5.00
$15.00
$35.00
d. K(MME MARKA w/o border.
5*00
15*00
35.00
Wmk,: Light vertical lines
s. Specimen.
20.00
40.00
70.00
80(4 7) 25 Marka
1919.
Blackish purple and brown*
a, Wmk.: Horizontal wavy lines.
8*00
25.00
50.00
b. Wmk.: Vertical wain/ lines .
8*00
25.00
50.00
s* Specimen*
20*00
40,00
75,00
81(48) lOOMarka
1919. Brown.
a, W/o serial # prefix letters* Wmk.:
Horizontal or vertical wavy lines.
15*00
40*00
90.00
b. SEERIA11.
15.00
40,00
90.00
c. SEERIA 01.
15*00
40*00
90*00
s. Specimen*
25.00
50.00
100.00
82 (49) 500 Marka
ND (1920-21).
Bluish-green and violet
a* W/o serial # prefix letters. (1920).
Wmk*: 500.
25.00
75.00
200*00
b* SEERIA IL (1920).
25.00
75*00
200*00
c. SEERIA III (1920).
20.00
65.00
175.00
d. SEER/A A. (1920).Wmk.: EV.
20.00
60,00
150*00
e . SEERIA B, (1920)*
15.00
50.00
125*00
f. SEERIA D. (1921).
15.00
50.00
125,00
s. Specimen*
40.00
80*00
150.00
83 (50) 1,000 Marka
!STD (1921).
Green and brown. Wmk.: EV.
a, W/o serial # prefix letters. (1920)*
150,00
400,00
900.00
b. SEEK/A A. (1921).
150.00
400.00
900.00
c* SEERIA BA 1921)*
150.00
400.00
900.00
s. Specimen.
100*00
350.00
700,00
1923 Issue
84(51) lOOMarka
1923.
Green and brown. Wmk..: EV.
20.00
60*00
150.00
a, W/o series.
20.00
60.00
150.00
b. $EER/A{series) A. (1927).
20.00
60.00
150.00
s. Specimen*
40*00
80,00
150.00
85 (52) 500 Marka
1923.
Grayish-blue and brown. Wmk.: Rhombic patterns.
a. Issued note*
85,00
200,00
500.00
s* Specimen.
85.00
200.00
500.00
Eesti Vabariigi VahetusHht
Republic of Estonia Exchange Note
1922 Issue
86(53) 10 Marka
1922.
Pink and brown.
a. W/o serial # prefix letters* Wmk.: EV
5*00
12.00
35*00
b. Series A, Wmk.: Squares* (1924)*
8.00
15*00
40,00
s. Specimen.
20.00
40.00
90.00
87 (54) 25 Marka
1922.
Olive brown and green,
a. W/o serial # prefix letters. Wmk.:
Horizontal wavy lines*
15.00
35.00
90,00
b. Series A. Different sign. (1926).
c, Series A* Wmk.:
30.00
60.00
150,00
Vertical wavy lines. (1926),
10.00
25.00
75.00
s. Specimen.
25*00
50.00
100,00
Eesti FangaMht
Estonian Banknote
1919 -1921 Issues
88(55) 50 Marka
1919.
Green. Wmk. Horizontal or vertical light lines.
a. Issued note*
25,00
50*00
100*00
s* Specimen*
40*00
85.00
150*00
14
VOLUME 37, NO. 4
Cat
Denomination
Date
Description
VG
VF
line
89 (56)
100 Marka
1921.
Brown. Wmk: Horizontal or vertical light lines.
a. Issued note.
moo
$80.00
$150.00
s. Specimen.
50.00
100.00
185.00
90(57)
500 Marka
1921.
Green. Wmk: EV
a. Issued note.
200.00
500.00
s. Specimen.
200.00
400.00
1,000.00
1922-1923 Issues
91(58)
100 Marka
1922
Brown and green. Wmk: Light and dark keys.
a. Serial letter A.
70.00
180.00
350.00
b. Serial letter B,
70.00
180.00
350.00
c. Serial letter D>
70.00
180.00
350,00
d. Serial letter E.
70.00
180.00
350.00
s, Specimen.
70,00
150.00
300.00
92 (59)
1,000 Marka
1922.
Red and gray. Wmk: Light and dark keys,
a, W/o serial tetter
100.00
300.00
600,00
b. Serial letter A in black.
100.00
300.00
600.00
c. Serial letter B in red.
150.00
400.00
750,00
d. Serial letter B in black.
150.00
400.00
750.00
e. Serial letter D in blue.
100.00
300.00
600.00
f. Serial letter Aa 1927.
100.00
250.00
500.00
s, Specimen.
100,00
250.00
450.00
93 (60)
5,000 Marka
1923. Blue, brown and green. Wmk: 5000, EV
a. Issued note. 1
,500.00
2,500.00
s. Specimen. 1
,000.00
1,500.00
2,000,00
Eesti Vahariigi Kassattht (resumed)
1928 Provisional Issue
94 (61)
1 Kroon on 100 Marka
ND.( 1928-old date 1923).
Red ovpt "(ks kroon" on #51.
15,00
45-00
150.00
s. Specimen.
25.00
50.00
150.00
Eesti Pank
Bank of Estonia
1928 - 35 Issue
95 (62)
5 Krooni
1929.
Reddish brown. Wmk.: "5" between wavy lines.
a. Issued note.
5,00
12.50
35.00
s. Specimen,
15.00
25.00
45.00
96 (63)
10 Krooni
1928.
Blue and reddish brown.
Wmk.: number "10" between wavy lines,
a. Issued note.
3.50
10.00
30.00
s. Specimen,
15,00
25,00
45.00
97 (64)
20 Krooni
1932.
Green and brown. Wink. "20" between zigzag lines
a. Issued note.
3.00
7,50
20,00
s. Specimen.
10,00
20.00
35.00
98 (65)
50 Krooni
1929.
Brown. Wmk «Festi pank» and "L"
a. Issued note.
6,50
15.00
40,00
s. Specimen.
15.00
40.00
70.00
99(66)
100 Krooni
1935. Blue. Wmk. "100" surrounded bv oak leaves and acorns.
a. Issued note.
10.00
30.00
75.00
s. Specimen.
15.00
35.00
50.00
1937 Issue
100 (67)
10 Krooni
1937.
Blue and reddish brown. Series A
a. Issued note.
3.00
7.00
25.00
s. Specimen.
10.00
20.00
35.00
1940 Issue
101 (68)
10 Krooni
1940.
Blue and reddish brown. Series B
a. Not issued. Finished printing.
b. Not issued. Not finished printing.
Back side printed only.
Printed in full colors.
175.00
350,00
15
I.B.N.S, JOURNAL
Cat Denomination
Date
Description
VG VF
Unc
Wide or narrow margins.
50.00
$125.00
c. Not issued. Not finished printing.
Back side printed only.
Printed in two colors only.
Wide or narrow margins.
$65.00
$150.00
s. Specimen,
200.00
500,00
* Many notes above have few variants of specimens, but market only as one position.
1991-92 Issue
102 (69) 1 Kroon 1992, Brownish black on yellow-orange & dull violet-brown unpk
a. Issued note.
FV
FV
0.50
103 (70) 2 Krooni
s. Specimen. —
1992, Black on It. blue-violet and grayish green impt.
—
45*00
a. Issued note.
FV
FV
0*75
104(71) 5 Krooni
s. Specimen.
1991(92), 1992 (94).
Black and tan on m/c unpk
45.00
a. 1991.
FV
FV
1*75
b. 1992.
FV
FV
1.50
105(72) 10 Krooni
s. Specimen.
1991(92), 1992 (94).
Purple and red-violet on m/c unpt.
60*00
a. 1991.
FV
FV
3,00
b, 1992.
FV
FV
2.00
106(73) 25 Krooni
s. Specimen.
1991(92), 1992 (94).
Deep olive-green on rn/c unpt.
60*00
a. 1991.
FV
FV
6*50
b* 1992.
FV
FV
4.50
107(74) 100 Krooni
s, Specimen.
1991 (92), 1992(941.
Black and deep blue on It. blue and n/c unpt
70.00
a. 1991.
FV
V
22*50
b* 1992,
FV
FV
30.50
108(75) 500 Krooni
s. Specimen.
1991(93). Blue black and purple on rn/cunpt
-— 1
-—
85,00
a. Issued note.
FV
FV
80*00
1994 Issue
109 (76)
s. Specimen.
5 Krooni 1994(97). Like #104, but w/modified design.
200.00
a. Issued note.
FV
FV
1.25
110 (77) 10 Krooni
s. Specimen,
1994(97). Like #105, but w/modified design.
—
—
60.00
a. Issued note*
FV
FV
2*00
111 (78) 50 Krooni
s, Specimen,
1994(95). Green and black on m/c unpt.
—
—
60.00
a. Issued note*
FV
FV
moo
112 (79) 100 Krooni
s. Specimen.
1994(95), Like #107, but w/gray seal*
—
—
80,00
a. Issued note.
FV
FV
18*50
113 (80) 500 Krooni
s. Specimen.
1994(95). Like #108, but w/dk.grav bank seal.
—
85.00
a. Issued note.
FV
FV
75.00
1996 Issue
114 (81) 500 Krooni
s* Specimen.
1996(97). Like #113, but w/hologram instead seal
200,00
a* Issued note.
FV
FV
75.00
s. Specimen,
—
—
200.00
16
VOLUME 37, NO. 4
Romana Acosta Banuelos—
Trail Blazer and Role Model
by Jack H. Fisher, N.L.G., I.B.N.S. #421—Rights Reserved
A teenage single mother with two
small children without money left a
small Mexican mining town for the
United States. She determined there
was no future for her or her children
in Mexico.
She and her children had the
right as American citizens to enter
the United States. She was born in
the United States and her children
had derivative citizenship through
their mother.
Would it have been ridiculous for
anyone to have predicted this
teenager would in time be the
founder and operator of a company
with millions in annual sales and
hundreds of employees, a commu¬
nity leader, president of a large bank
and Treasurer of the United States?
It would not be a ridiculous predic¬
tion in that she accomplished all of
them and more. She is still president
of the bank and president of the
company.
Many individuals Learning only
that she crossed the Mexican—U.S.
border as a poor teenage single
mother might have asked many
questions. Did she contribute
anything to the United States? Were
they supported as welfare red pi*
ents? Her story is one 1 believe
should be known by everyone in the
United States. She proved it is
possible to achieve much in the
United States even though the odds
against such achievements might
seem to be great.
She was bom March 20,1925 in
Miami, Arizona. Her parents were
Juan Francisco and Tera Lugo
Acosta They had four children.
Romana was the only daughter Her
parents took her to Mexico when
she was a small child,
Banuelos was raised and edu¬
cated in Maguricaic, a small mining
town in the High Sierra in the state
of Chihuahua, Mexico. She also
lived in Cananea in the state of
Sonora, Mexico,
She left Mexico at die age of 19
after a divorce that was reported to
require her to assume the responsi¬
bility for the support of herself and
her two small sons. She arrived in
Los Angeles with no assets except
her intelligence, will to succeed and
faith in herself.
Banuelos took whatever jobs
were available to hen Most of her
work consisted of menial jobs. She
worked long hours to earn enough
to meet the basic living expenses.
She worked seven days each
week as a general rule, but she
always made time to be a mother to
her children and be supportive in
their school work and other activi¬
ties.
Romana was 24 when she met
and married Alexander Banuelos.
Mrs. Banuelos decided some time
later to start a tortilla business with
her savings of $400 as her start—up
capital,
it was strictly a one woman
business. She operated the only corn
grinding machine. Then she made
the tortillas. Mr. Banuelos contrib¬
uted by working at outside employ¬
ment.
She eventually involved the
whole family in the operation of the
Series 1969C $1
Federal Reserve Note
autographed "To Jack
H. Fisher-Romana
Acosta Banuelos"
with signature
combination of
Treasurer Banuelos
and Secretary
Connally and with
special serial number
E2222222QC
business, which included the
daughter born to her and Mr.
Banuelos.
This business grew and grew
with Mrs. Banuelos as president.
The company was named Romana
Mexican Food Products Company. It
has many millions of dollars in sales
each year and provides employment
for hundreds of employees.
Mrs. Banuelos recognized the
need for a bank that could both
understand and provide necessary
banking services for Mexican—
Americans and other minorities. It
was as a result of her experiences
she helped found the Pan American
National Bank of East Los Angeles,
California. The bank opened for
business in 1964. This was about
twenty years after she crossed the
border to Los Angeles from Mexico
with her children.
She became the chairperson of the
board of directors of the bank. The
bank prospered and gTew. Mrs.
Banuelos was elected president of
the bank. She had extensive experi¬
ence In all aspects of banking and
bank operations. Mrs. Banuelos was
also active in civic, charitable,
community, Mexican—American,
church and political organizations.
U.S, Treasurer Dorothy Andrews
Elston Kabis died on July 3,1971.
The official release from the White
House Press Secretary in September
17
*
I.B.N.S, JOURNAL
President Richard M, Nison, Secretary of the Treasury John B. Connally and
U.S. Treasurer Romana Acosta Banuelos at her swearing-in ceremony
Photograph courtesy of Nixon Papers —National Archives
1971 said:
"The President today announced
his intention to nominate Mrs.
Alexander (Romana) Banuelos to be
Treasurer of the United States. Mrs.
Banuelos would succeed Mrs.
Dorothy Andrews (Elston) Kabis—
Mrs. Banuelos would be responsible
by law for the receipt, custody and
disbursements of virtually all public
moneys and for maintaining records
of the sources and disposition of
these funds. She would be the sixth
woman and 34th person to hold the
position/ 1
President Nixon issued a subse¬
quent statement stating: "It is with
special pleasure that 1 have today
nominated Romana A. Banuelos to
be Treasurer of the United States.
Since the tragic and untimely death
of Dorothy Andrews Kabis on July
3, we have searched the country for
a person of truly outstanding
credentials and ability to succeed
her as Treasurer. I was delighted to
find such a person in Mrs. Banuelos.
In her extraordinary successful
career as a self made business
woman, Mrs. Banuelos has dis¬
played exceptional initiative,
perseverance and skill. In addition.
as chairman of the Board of Direc¬
tors of Pan American National Bank
of East Los Angeles, which serves
the Mexican—American community
of that area, she has proven herself a
highly able banker and she also
contributed substantially to the
development of the community."
She was confirmed by the Senate,
resigned her position at the bank
and was sworn in on December 17,
1971. She became the highest
ranking Mexican—American in the
executive branch.
Banuelos served with Secretary of
the Treasury John B. Connally from
December 17,1971, until George P.
Shultz became Secretary of the
Treasury in 1972. She resigned in
February 1974 to return to again
devote her time and energy to her
family, bank, business and commu¬
nity interests. Treasurers who
succeeded her credit her with many
improvements in the operation of
the office of the Treasurer of the
United States.
Collectors who desire to collect
all of the denominations of notes
issued with her facsimile signature
will find that there were many
issued. Her signature as Treasurer
appears with Secretary Connally on
Federal Reserve notes Series 1969C
$1 and Series 1969B $5, $10, $20 and
$50. Series 1969D $1 and Series
1969C $5, $10, $20, $50 and $100
were issued with the signature
combination of Treasurer Banuelos
and Secretary Shultz. Illustrations
for this article are Series I969C $1
autographed "To Jack H. Fisher-
Series 1969D $1 Federal Reserve Note with
signature combination of Treasurer Banuelos and Secretary Shultz
with special series number of A11111111B
18
Series 1969C $5 Federal Reserve Note with the signature combination
of Treasury Banuelos and Secretary Shultz with special serial
number E0999999C
VOLUME 37, NO. 4
Romana Acosta Banuelos" with
special serial number E22222220C
and Series 1969D $1 with signature
combination of Treasurer Banuelos
and Secretary Shultz with special
serial number of All 11111 IB*
Mrs. Banuelos promoted formal
education to enable individuals to
be more productive and self reliant.
She founded and acts as trustee for
a scholarship foundation to assist
Mexican—American high school
graduates to achieve a college
education*
She also promotes that all indi¬
viduals who have worked them¬
selves up the economic and social
ladders should assist others up
these ladders.
Collectors should have at least
one note in their collections with the
signature of U.S. Treasurer Romana
Acosta Banuelos. This very special
lady is a memorable trail blazer and
role model. She should be known to
all Americans and immigrants as
proof of the fact that opportunities
are available to everyone in the
wonderful United States*
The 1967 £20 Issue of the
National Commercial Bank
of Scotland
by Peter Symes, I.B.N.S. #4245
The National Commercial Bank of
Scotland was formed in 1959 follow¬
ing the merger of the National Bank
of Scotland and the Commercial
Bank of Scotland. It was an ex¬
tremely strong and successful
enterprise, and ten years later in
1969 it merged with The Royal Bank
of Scotland to form the National and
Commercial Banking Group Lim¬
ited. This organization acted as a
holding company, with one of the
subsidiaries being The Royal Bank
of Scotland Limited (which later
became The Royal Bank of Scotland
pic).
Despite its short existence the
National Commercial Bank of
Scotland was prolific in its note
issues, with nine notes being issued
in the ten year period - three 1-
pound notes, three 5-pound notes,
and one each of the 1Q-, 20- and 100-
pound notes. Initially notes in the
denominations of 1,5,20 and 100
pounds were issued, and later issues
reflected changes in color, size,
design, and denomination.
Of the notes issued by the bank
four had varieties—the second 1-
pound note, the third 5-pound note,
and the initial 20- and 100-pound
notes. The 1 -pound note issued in
1961 (D*6a-1) was altered in 1967
(D*6b-1) to accommodate sorting
marks on the back of the note.
(Reference numbers are from
Douglas, 1986—see bibliography).
This was followed in 1968 with
alterations to the 5-pound note
(D.7a-1) to accommodate sorting
marks on the reverse, and due to the
passage of time it also carried a
change in signature (D7b-1). These
two varieties of the low denomina¬
tion notes are quite straightforward,
but what is more intriguing are the
varieties of the 20- and 100-pound
notes*
The 20- and 100-pound notes
(D.3a-1 & D*4a-1) were part of the
original issue for the National
Commercial Bank, and served the
Bank well for over seven years.
However on 25 May 1967 the direc¬
tors of the bank ordered a second
printing of each of the high value
denomination notes. What was
peculiar about this order, was that
the printing was to be undertaken by
the security printers Thomas de la
Rue & Company—a firm not previ¬
ously used by the Bank.
One of the characteristics of the
notes of the National Commercial
Bank of Scotland, is that a variety of
features from the notes of the
constituent banks were used to
produce their notes. In addition,
both printers of the last issues of the
constituent banks were involved in
printing the first issue of the Na¬
tional Commercial Bank. The printer
used by the Commercial Bank of
Scotland prior to its merger was
Bradbury Wilkinson &: Co. LcL of
New Malden, Surrey, and that by the
National Bank of Scotland was
Waterlow & Sons Limited, London.
In what appears to be a gesture to
accommodate obligations to both of
these printing firms, the 1-pound
notes of the new bank were printed
by Bradbury Wilkinson, and the
three higher denomination notes
were printed by Waterlow & Sons.
While the commission for the
reduction in size of the 1961 five
pound note (D.5-1) went to
Waterlow & Sons, all new issues by
19
LB.N.S. JOURNAL
the bank were printed by Bradbury
Wilkinson. When the need for
additional 20- and 100-pound notes
became apparent, it was decided
that rather than introduce new
notes, an additional printing of each
denomination would suffice. The
commission for the additional notes
was thus placed with Thomas de la
Rue & Company as successor to
Waterlow & Sons. De la Rue had
taken over the security printing
business of Waterlow & Sons in
January 1961 and since de la Rue
now held the printing plates for
these notes it made sense that they
should reprint the notes.
What has been an enigma with
the de la Rue printings, is that no
notes were known to have survived,
although it is certain that they were
printed. While lacking details on the
100-pound notes (it appears 15,000
notes were printed), it is known that
100,000 20-pound notes were
printed with the serial numbers
ranging from A350001 to A450000.
The notes were identical to the
Waterlow printing in all respects
except for the date of issue (1st June,
1967), the printer's imprint, and the
typeface for the serial numbers.
James Douglas in his 20th Century
Scottish Banknotes—Volume 2 makes
the following comment on this
printing:
"Although the records show that
3b-l [the de la Rue 20-pound] was
printed and issued in the number
shown, no dealer or collector has
seen it. Perhaps the notes were
recalled and destroyed when the
Bank became the Royal Bank
Limited within a short time of the
printing."
Douglas acknowledges the
existence of a specimen note of this
variety, and a specimen is held in
the archives of The Royal Bank of
Scotland. This note has the serial
number "A00O00" and the word
"SPECIMEN" overprinted. The 1967
de la Rue varieties are not acknowl¬
edged in the Standard Catalog of
World Paper Money - volume 1
published by Krause Publications.
At least one example of a surviv¬
ing note of this exists, and it would
seem likely that there may be one or
two more hidden away. The serial
number of the known note indicates
that this note was some 21,000 notes
into the print run and it seems
unlikely that it was plucked out by
a souvenir hunter prior to destruc¬
tion, (although this theory cannot be
rejected).
Within the archives of The Royal
Bank of Scotland there is no record
to suggest that these notes were
especially withdrawn, or destroyed.
What seems likely is that the
directors of the National Commer¬
cial Bank of Scotland were planning
ahead when they ordered the extra
notes, but still had sufficient stock
to last them for some time. In all
probability they had sufficient to
last them until 1969 when the
merger with The Royal Bank of
Scotland was completed.
Thus the expected need for the
new notes was not met (or only just
met), and at the time all notes of the
National Commercial Bank were
withdrawn, the de la Rue printings
were also removed. If this was the
case, then the 20-pound notes did
circulate, but for the shortest
possible time, in the smallest
quantities, (although it would seem
likely that the 10Q-pound notes may
never have hit the streets). While the
history of this printing may never
be absolutely complete, it can now
be recognized that at least one note
has survived.
Bibliography:
Douglas, James (1986) 20th Century
Scottish Banknotes — Volume 2, Banking
Memorabilia— Carlisle (1994) Corre¬
spondence with the Assistant Manager,
Archives—The Royal Bank of Scotland,
Edinburgh
THE JOURNAL NEEDS YOUR ARTICLES AND CONTRIBUTIONS
(IN ANY MODERN WORD PROCESSING FORMAT ON DISK OR BY E-MAIL.
PHOTOS. IF SCANNED. SHOULD BE AT 300 DPI (DOTS PER INCH.)
please send to
Steve Feller, Editor, I.B.N.S. Journal
Physics Department
Coe College, Cedar Rapids. IA 52402 U.S.A.
Office: (319) 399-8633 Home: (319) 393-7052 FAX (319) 399-8748 {mark to my attention)
E-MAIL: sfeller@coe.edu
20
VOLUME 37, NO. 4
Bank Notes of PMR—
The Transdiestr Moldavian Republic
by Thomas Augustsson, I.B.N.S. #LM-126
This article about bank notes of PMR is done with an educational purpose in a positive maimer for general publishing. During the
writing and research for this article, I have received some information that the issues about PMR and Moldova are of a sensitive
nature for some people in the area. J will, as the author of this article , make an apology if someone still has some feelings over the
political dimension of the Moldova/PMR issue, As a tong time bank note collector, 1 still feel that is right to publish this article
about an interesting subject, which has been quite difficult in getting the facts from a breakaway republic in the former USSR. I
have some other projects in mind for some more articles about bank notes from breakaway republics and other more elusive
subjects*
The Transdiestr Moldavian Repub¬
lic (PMR) is situated along the
eastern banks of the river Dniestr
and only the Bendery district is on
the other side of Dniestr. The
capital is Tiraspol and it is popu¬
lated by about 750.000 inhabitants
in equal proportions by Russians,
Ukrainians and Moldovans. The
territory is about 29.900 sq.km.
PMR has 3 official languages:
Russian, Ukrainian and Moldovan
which uses cyrillic letters (the only
latinic language to do so). Mainly
the Russian language is used by the
people in spite of their ethnic
heritage as non-Russians
(Moldovans and Ukrainians), espe¬
cially in the main cities ( Tiraspol,
Bendery Dubossary and Rybnitsa).
Despite the similarity with Roma¬
nian the people in PMR just say
that they are speaking Moldovan,
In Moldova itself the Moldovan
language is spelled by latinic letters
like the Romanian language. PMR
was founded as a separate entity in
1990 when the USSR was on the
way to dissolution and they were
afraid to be left in Moldova, which
could possibly join Romania
afterwards. The external influence
was obviously too small in the
development of the separatist
republic and it depended on the
mood among the people there. In
1991 after the failure of the coup
attempt by some politicians and
generals who strongly wanted to
turn the USSR back to a hardline
communist country the USSR was
subsequently dissolved and PMR
LTBEHH0JO &.VMKAQQCP
PMR Notes with affixed
stamps on earlier Soviet issues.
21
r
l.B.N.S. JOURNAL
Notes of PMR—1993-1994
declared itself as an independent
state as the other republics did- The
dissolution of the USSR was not a
cut off from Russia, but it was a cut
off between the republics and from
the center of the USSR power,
Moscow- Tensions rose along the
Dniestr river and finally after a
provocation in Bendery an armed
conflict broke out with hundreds of
deaths in Bendery and Dubossary.
A negotiation soon took place with
Russia as a third part and the
Russian 14th army under command
of General Alexander Lebed acted
as peacekeepers who separated the
antagonists from each other,
Alexander Lebed is now a
governor in Krasnoyarsk^ Kray
and he is quite popular in Russia as
he is a possible successor to Boris
Yeltsin as Russian president,
Tiraspol, the capital, was founded
by an another Russian general
during the wars against Turkey at
the end of the 18th century. It was
A, Suvorov who founded Tiraspol
in 1792 after his armies forced the
Turks from Bessarabia, which was
the name of the Moldavian area at
that time. PMR is today a self-
styled republic with all the author¬
ity and territorial control which
characterizes a totally independent
state. Only international recogni¬
tion is required. After PMR's
independence it still used the USSR
rubles of the series of 1961,1991
and 1992 until January 1994, when
they affixed stamps on the USSR
notes depicting the historical
Russian general A, Suvorov above
the denomination (see the list of
PMR notes)* The denominations
were 10,25,50,100, 200,500,1000,
5000 and 10,000 rubles. Later in
June 1994 new notes with affixed
stamps were issued, and 5000
rubles on older USSR 5 rubles notes
of 1961 and 1991 were also issued
due to acute cash problems in PMR.
In August 1994 a new issue printed
in Russia by Goznak State Printing
works reached PMR. The denomi¬
nations were 50,100,200,500, and
1000 rubles dated 1993, and shortly
afterwards the smallest denomina¬
tions 1,5 and 10 rubles dated 1994
were issued in September 1994. All
these notes were a coupon issue
which suffered a severe inflation
due to the hard isolation of PMR
when it was not recognized yet. In
October 1994 the older Russian
notes were no longer valid as
currency in PMR, and later in June
1995 a new type of note was issued
in PMR. A1000 rubles bank note
dated 1994 was equal to 100.000
rubles of coupons and this indicated
a future currency reform which still
has not been done yet. In April 1996
a 50.000 rubles 1995 bank note which
depicted Khmelnitskiy and Taras
Shevchenko instead of General A.
Suvorov was issued as a continua¬
tion to the 1000 rubles bank note
from the year before.
The 50,000 rubles 1995 was equal
to 500,000 rubles coupons. These 2
bank notes were printed in Germany
as the only of the PMR issues to be
done that way according to reports
from PMR. The 50.000 rubles bank
note is also the only one with a
signature, by the governor of the
22
VOLUME 37, NO. 4
bank (Pridniestrovskiy Bank),
Vyacheslav A. Zagryatskiy In the
beginning of 1995 the last note
dated 1993 was issued, the 5000
rubles 1993 coupon issue, which
was a continuation of the coupon
series of 1993/94 printed in Mos¬
cow, Goznak State Printing Works.
Later due to money shortages a
50.000 rubles coupon holograph
overprint was issued and it was
printed on the 5 rubles 1994 in
Tiraspol for issue in June 1996.
During 1996 3 different coupon
overprints on 1, 5, and 10 rubles
1994 were made, and the new notes
carried the denominations 10.000,
50.000 and 100.000 rubles and were
issued in August 1996. The inflation
slowed down afterwards in 1997
after a new 500.000 rubles coupon
was issued in June. The life in PMR
is quite hard and it is not comfort¬
able as it is in Western Europe at all
and it has been harder than in
Russia and Ukraine
For example due to its unrecog¬
nized status, the banks in PMR have
only after 1994 gotten some corre¬
sponding accounts in Russian banks
so their business life could reach the
Russian market and that is a very
important issue too for the eco¬
nomic growth for the people in
PMR. The rate of the PMR ruble is
today about 900.000 rubles per US
dollar. Offered in some lists recently
are a series of 1, 5 and 10 rubles
notes 1994 with a stamp affixed
depicting the PMR map, but they
were not issued by the bank
(Pridniestrovskiy Bank) and are just
fantasies made by unknown sources
in Moldova and sold through
Hungary and Romania. The notes
of PMR are very common except for
some of the first stamp affixed
notes, 1000 rubles 1994 and 5000
rubles 1993.
The scarcest notes are:
P.8 (2Q0R.1991 w. stamp)
R10 (500R.1991 w. stamp)
P.12 (1000R.1991 w. stamp)
P.24 (5000R.1993)
P.26 (1Q0QR.1994X
The 1994 issue of 1,5 and 10
rubles is indeed the most common
notes of PMR and they can not be
missed by any one.
The bank, Pridniestrovskiy Bank,
was founded in December 22,1992
in accordance to a decision made by
the Supreme Council (Supreme
Soviet) of PMR. The First Chairman
of the board of the bank is now
Eduard A. Kossovskiy, and the
previous chairmen chronologically
is Zagryaiskiy, Borissov and
Natakhin. The PMR ruble is now
the only official currency in PMR
and will be as long the current
situation will carry on until its
territorial status has been politically
resolved. The people use by ex¬
change mainly USD, DEM, UAH,
RUR and MDL, but all these
currencies are exchanged as foreign
currencies without any exception.
Moldovan Lei (MDL) is not ex¬
cepted either
The discussions on the future of
PMR has been linked with the talks
Notes used in PMR
with stamps on notes of Russia.
23
I.B.N.S. JOURNAL
Ab
Hr-
1904
Kyn
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TblOIH M
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EAHKA HI4CTF5IM3
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'iOyi&33 PyBAEM
mb** KAHKA HHCTPflip--^
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anno
AB 2515703 pyEAE^i
raT Ti^ Sp^BAHJCd HHCn p4JH3 -^B?
1997 -msmnixutcTPcmcKm bahjc ^
Paper money from PMR— through the 1997 issue of 500,000 notes.
with Moldova, and Moldova still
insists on a reincorporation of PMR
with certain autonomy inside
Moldova. This was meant to start
with an exchange from the PMR
rubles to the Moldovan Lei, which
in its turn has been denied by PMR
due to their wishes to be still
independent and Moldova has
denied the terms stated by PMR,
which has to be done before a
reunification. It seems to be status
quo for awhile further. There are a
number of similar cases around the
world of unrecognized, de facto,
independent states that are strong
enough to defend themselves as
Abkhazia and South Ossetia (from
Georgia), Chechnya (from Russia),
North Cyprus (from Cyprus) and at
last Somaliland (from a broken
apart Somalia). PMR is going to
present itself on its own website
during the fall of 1998 as most other
24
countries, both recognized and
unrecognized, already have done.
At last 1 will acknowledge these
people for supplying notes and
knowledge for this article. Mr
Michael Walker (I.B.N.S. #3331),
Mr. Aruitas Buga (I.B.N.S. #7712),
Mr. Kent Ljungh (I.B.N.S. #3325)
and especially Mr. Mikhail Istomin
(I.B.N.S. #6811). The other source of
knowledge is Standard Catalog of
World Paper Money Vol. 33rd ed.
_
VOLUME 37, NO. 4
List of notes issued in PMR:
Note (Rno^denominaHon) Year of issue Description
Series la with affixed stamps depicting the russian General A. Suvorov. Stamps affixed locally at Tiraspol
P.1
10 rubles
(1994)
10
ruble stamp affixed on USSR 10 rubles 1961 (P.233),
P.2
10 rubles
(1994)
10
ruble stamp affixed on USSR 10 rubles 1991 (P.24C)
P.3
25 rubies
(1994)
25
ruble stamp affixed on USSR 25 rubles 1961 (R234)
P.4
50 rubles
(1994)
50
ruble stamp affixed on USSR 50 rubles 1991 (R241)
P.5
50 rubles
(1994)
50
ruble stamp affixed on USSR 50 rubles 1992 (P.247)
P.6
100 rubles
(1994)
100
ruble stamp affixed on USSR 100 rubles 1991 (P.242)
P.7
100 rubles
(1994)
100
ruble stamp affixed on USSR 100 rubles 1991 (P.243)
P.S
200 rubles
(1994)
200
ruble stamp affixed on USSR 200 rubles 1991 (P.244)
R9
200 rubles
(1994)
200
ruble stamp affixed on USSR 200 rubles 1992 (P.248)
PJO
500 rubies
(1994)
500
ruble stamp affixed on USSR 500 rubles 1991 (P.245)
Rll
500 rubles
(1994)
500
ruble stamp affixed on USSR 500 rubles 1992 (P.249)
R12
1000 rubles
(1994)
1000
ruble stamp affixed on USSR 1000 rubles 1991 (P.246)
P.13
1000 rubles
(1994)
1000
ruble stamp affixed on USSR 1000 rubles 1992 (R250)
P.14
5000 rubles
(1994)
5000
ruble stamp affixed on Russia 5000 rubles 1992 (P25I)
P.15
10.000 rubles
(1994)
10.000
ruble stamp affixed on Russia 10.000 rubles 1992 (P.252)
Series lb with affixed stamps depicting the Russian General A. Suvorov. Stamps affixed locally at Tiraspol.
P.l 4 A
5000 rubles
(1994)
5000
ruble stamp affixed on USSR 5 rubles 1961 (P.224)
P.14B
5000 rubles
(1994)
5000
ruble stamp affixed on USSR 5 rubles 1991 (R239)
Series 2a coupons depicting A. Suvorov riding a horse at right on front and the parliament on back. Watermarked tvith
brick-wall pattern no security thread. Printed in Moscow by Goznak.
P.l 9
50 rubles
1993(94)
Dark green
R20
100 rubles
1993(94)
Dark brown
P.21
200 rubles
1993(94)
Dark purple
P.22
500 rubles
1993(94)
Dark blue
P.23
1000 rubles
1993(94)
Dark violet and dark lilac
R24
5000 rubles
1993(95)
Black and dark green
Series 2b coupons depicting A. Suvorov at right on front and the parliament on back watermarked with brick-wall pattern
no security thread. Printed in Moscow by Goznak.
P.l 6
1 ruble
1994
Green
P.17
5 rubles
1994
Blue
P.18
10 rubles
1994
Brown
Series 3 bank note depicting A. Suvorov at right on front and the parliament on back security thread and no watermark.
Reported to have been printed in Germany.
P.26 1000 rubles 1994(95) Blue and purple (- 100.000 rubles)
Series 4 coupon holograph overprint on PMR P.17. Holograph affixed locally in Tiraspol.
P.27 50,O00rubIes (1996) Holograph label (24 mm) at upper left on front on P.l7
Series 5 bank note depicting Khmelnitskiy on front and T. Shevchenko and theatre on back no watermark with security
thread. Governors signature (V.A. Zagryatskiy). Reported to have been printed in Germany.
P28 50.000 rubles 1995(96) Dark and light brown (= 500.000 rubles)
Series 6 coupon overprints on P.l 6, P.17 and P.18 with 4 added zeroes to the denomination. The overprints are reported to
have been done locally at Tiraspol
P.29 10.000 rubles 1996 Overprint on PMR P.16
P.30 50.000 rubles 1996 Overprint on PMR P.17
P.31 100.000 rubles 1996 Overprint on PMR P.18
Series 7 coupon issue depicting A. Suvorov riding a horse at right on front and the parliament on back. Watermark looped
pattern no security thread. Printed by Goznak, Moscow.
P.32 500.000 rubles 1997 Dark purple
25
I.B.N.S. JOURNAL
The Eurodollar
by Dr. Bryan Taylor
Currencies have been at the focus of
the international economy in the
past year. On the one hand, there
have been currency collapses in
many East Asian countries and in
Russia, with the fear that these
currency collapses could lead to a
worldwide economic recession. On
the other hand, in January 1999,
members of the European Union will
introduce the euro, which will
replace national currencies in 2002.
It is my belief that there is a
simple solution to the problems
which currencies are causing the
international economy Within the
next ten years the euro should be
merged with the dollar to create a
eurodollar, which would act as a
single currency for both the United
States and Europe, and eventually
for the rest of the world.
I believe that history, economics
and politics all point toward the
benefit of moving toward a single
international currency. To prove this
point, I first provide a brief economic
history of money and currencies,
showing that whenever it has been
politically and economically feasible,
the world has moved toward a
single currency. Next, we will look at
the economic and political impact of
a single currency, and we will see
how a single currency would affect
financial markets. Finally we
provide show how the United States
and Europe can introduce a single
currency for themselves, and eventu¬
ally, for the rest of the world.
A History of Single Currencies
Whenever economic and political
stability have enabled international
trade to expand, attempts have been
made to introduce a universal
currency that meets the demands of
trade. Because of the political
benefits of introducing a universal
currency, a single monetary stan¬
dard has usually followed the
expansion of political power The
Roman Empire, the Chinese Empire,
and the British Empire all estab¬
lished a single currency standard for
the regions over which they ruled.
Although there are economic
reasons for having a universal
currency history suggests that
politics, and not economics, has
been the chief determinant of
currency areas in the past and today.
The first attempts to create an
international currency for Europe
occurred in 1800. The German
Zoliverein was introduced in 1834
and the German currencies were
consolidated into the mark in 1873.
The Latin Monetary Union was
established in 1865, and lasted until
1914, with France, Belgium, Switzer¬
land and Italy as charter members.
Each country agreed to mint coins to
a single standard that would be
accepted as legal tender by govern¬
ment offices in any of the member
countries.
The relative success of the Latin
Monetary Union led to the Interna¬
tional Monetary Conference of 1867,
which tried to create a single
monetary standard for Europe and
the United States by minting a
common coin equal to 25 French
francs, 5 U.S. dollars and 1 British
pound; however, the idea fell
through. Without a single European
government or international cur¬
rency agreement, the gold standard
was the closest the world could get
to a universal currency. Currencies
were fixed to gold, and gold fixed
currencies to each other. The result
was the virtual elimination of
currency fluctuations among the
world's major currencies between
the 1870s and 1914 when World War
I forced countries to suspend their
currency conversion.
Despite numerous attempts to
stabilize the international financial
system after World War I, any
success was only temporary. The
Bretton Woods agreement estab¬
lished a dollar standard to replace
the gold standard. The value of the
dollar was fixed to gold at $35 to the
ounce, and the world's currencies
were fixed to the dollar. Exchange
rates were fixed in the short run, but
flexible in the long run. By the early
1970s, however, the world had
changed dramatically from 1944,
and in 1973, Bretton Woods col¬
lapsed. Flexible exchange rates
replaced system of the fixed ex¬
change rates.
The current push for monetary
union in Europe began with the
Delors report of 1988, which advo¬
cated a gradual move toward a
single currency. This was the basis
for the Maastricht Treaty, signed in
1992, which set the timetable for the
move to a single currency by
January 1,1999.
There have been other attempts
to form currency unions since World
War II, and the record shows that
currency unions have succeeded in
two cases. The first has been when a
small country tied its currency to a
larger country's currency, and
second when several countries gave
up control over their monetary
policy to a supranational central
bank. Belgium and Luxembourg
have been in a currency union since
World War II. Similarly, Swaziland,
Lesotho and Namibia have all tied
their currencies to the South African
Rand.
Only two multinational currency
unions have worked since World
War If. The smaller success story has
occurred among the islands of the
East Caribbean, which has contin-
26
VOLUME 37, NO. 4
ued since the British Caribbean
Currency Board was established in
1950. The most successful currency
union has been the Communaute
Hnanciere Africaine (CFA) which has
continued a successful currency
union among its members since the
former French colonies gained their
independence in the early 1960s.
Fourteen countries in west and in
central Africa share the CFA franc.
In countries that do not share a
single currency, economic necessity
and technological change have
pushed the world toward a single
monetary standard. US dollars are
accepted almost everywhere. It has
been estimated that about half the
United States" outstanding currency,
and the majority of its $100 bills, are
held outside of the United States.
Technology has unified the
world's currencies in a way that is
fundamentally different from either
the era of the gold standard or from
Bretton Woods. Over 1.5 trillion
dollars in currency is traded every
day or about $300 for every person
on the planet every single day.
Currency crises can lead to, and can
produce, recessions and political
change. Given this, it is not difficult
to imagine the massive savings that
could occur by the introduction of a
universal currency.
In short, history shows a continu¬
ous desire to move toward a single
currency when such a change is
economically and politically feasible.
The reason is simple, the benefits of
having a common currency exceed
the costs. Though political trends
have been moved toward greater
plurality in the world, finance,
technology and economics have
moved toward greater integration.
Yet, there is no reason to believe that
monetary integration in the form of a
single currency could not coexist
with political plurality.
The Economics of a Single Currency
The introduction to a single
currency for the United States and
Europe will produce both economic
benefits and economic costs. On
average, the net economic benefits
for society should exceed the costs.
The theory of optimum currency
areas was first elaborated by Robert
Mundell back in the 1960s. The
benefit of having different exchange
rates between countries is that they
help countries adjust to asymmetric
economic shocks. A single currency
eliminates the ability to adjust prices
between different economic regions
through changes in the exchange
rate. Consequently, economic adjust¬
ments must be made in one of three
ways.
First, labor must be mobile so
workers can move from an area
suffering from recession to one that
is enjoying an economic boom.
Second, wages and prices must be
flexible in order that the economy
can respond to changes in supply
and demand. Third, there must be
some way of transferring resources
to the country or region which is in
dire economic straits in order to help
it recover from its recession. Given
these three criteria, it is unlikely that
the United States and Europe would
fit MundelFs definition of an opti¬
mum currency area. However, it is
also unlikely that many countries
that have a single currency, such as
the former Soviet Union, China,
India or Italy are optimum currency
areas. No government in modem
times has allowed different curren¬
cies to circulate within its borders,
regardless of any economic benefits
that would occur.
The real question, however, is
whether having a single currency for
the United States and Europe would
be more efficient than having a
multitude of currencies. Whether the
United States and Europe move on to
a single currency will be determined
by the net political and economic
benefits that come from introducing
a Eurodollar.
Money is a public good. If the
government provides the coin of the
realm, then society does not have to
incur the costs of agreeing on a
standard for carrying out economic
activity. Having a single currency for
the United States makes economic
transactions easier than having a
different currency in every state of
the union. There are several reasons
why a single currency increases
economic efficiency.
First, a single currency increases
the transparency of prices. Whether
you buy or sell goods in New
Hampshire or in California, consum¬
ers can compare price in the United
States in a single currency If you are
in Europe, and you are trying to find
the best price, you will have to
compare prices in fourteen different
currencies.
Second, a single currency reduces
the transaction costs of buying and
selling goods because you don't have
to convert money from one currency
to another. Multinational corpora¬
tions, which operate in ten or twenty
different currencies, would see a
large decrease in the cost of manag¬
ing revenues and costs would be
reduced dramatically.
Third, a single currency would
eliminate exchange rate risk among
the countries that shared the cur¬
rency. Foreign exchange risks and the
cost of hedging these risks are a
major cost of multinational corpora¬
tions' operations. Having a single
currency eliminates foreign exchange
risk as companies that operate
exclusively in the United States
already know.
Fourth, when a currency union
exists, countries can no longer use
devaluations as part of their eco¬
nomic policy to gain an advantage
over other countries.
Fifth, because the Central Bank
which oversees the currency union is
not controlled by a single govern¬
ment, it will be easier for the Central
Bank to focus on its primary objec¬
tive—to control prices and fight
inflation.
Although there are many eco¬
nomic benefits from a single cur¬
rency, there are also costs. The
primary benefits of a single currency
are microeconomic. The single
currency enables individuals and
businesses to carry out economic
27
-
I.B.N.S. JOURNAL
transactions more efficiently. There
are also macroeconomic benefits
from having a single currency. A
single currency encourages interna¬
tional trade, and reduces the disrup¬
tions that result from currency
fluctuations. Nevertheless, most of
the costs of having a single currency
are macroeconomic and political,
and there are several important
costs that nation sharing a common
currency incur.
First, a single currency forces a
country to forgo an independent
monetary policy. After the currency
union begins, the country's mon¬
etary policy is determined by the
supranational central bank and not
by the domestic central bank. This is
why the theory of optimal currency
areas emphasizes the importance of
flexible prices, labor mobility and
fiscal transfers. Because flexible
prices and labor mobility become
more important when a currency
union exists, governments have an
incentive to make markets work
more efficiently.
A second effect of the currency
union is less regional economic
differentiation. The Federal Reserve
in the United States cannot lower
interest rates in one part of the
United States which is in a recession
while simultaneously raising
interest rates in another part of the
country which is booming. Interest
rates and prices become similar
throughout most of the currency
area.
Third, there are also political
costs to a currency area. If the
government loses control over
monetary policy to the suprana¬
tional central bank, politicians are
limited to using fiscal policy to
influence the macroeconomy.
The primary question we want to
address here is whether a single
currency for the United States and
Europe would be more efficient than
multiple currencies. Some would
argue that the main difference
between a currency union for the
United States and a currency union
for the United States and Europe
would be the inability to use fiscal
transfers to offset asynchronous
regional economic cycles between
the United States and Europe.
However, special funds could be set
up to address this problem.
Another benefit of introducing a
single currency would be that
individuals and corporations would
have greater economic choice. The
single currency would encourage
trade which could in turn place
pressure on governments to reduce
the barriers to trade that currently
exist between countries, and force
governments to reduce structural
barriers to trade. The market
reforms that will inevitably follow
from the introduction of a single
currency should be included in the
list of benefits that a eurodollar
would provide.
The Political Economy
of the Eurodollar
Were the introduction of a single
currency for Europe and the United
States a purely economic concern, a
eurodollar and a supranational
Global Reserve Bank probably
would have been introduced long
ago, because the economic benefits
of a single currency exceed the costs.
Even if economics and history
provide convincing arguments for
the introduction of a single currency
for the United States and Europe, or
for the rest of the world, political
factors have been and will continue
to be the primary barrier to the
introduction of a single currency.
This section will focus on the
political problems of establishing a
currency union, and of establishing
a supranational Global Reserve
Bank to oversee the currency union.
Many people already believe that
central banks, which are indepen¬
dent but accountable to their
governments, have too much power
already, and ceding power to a
supranational central bank would
increase the central bank's power
even more. In order for govern¬
ments to be willing to cede this
power, they must believe that the
benefits of a single currency will
exceed the costs.
The process of introducing a
single currency has been difficult
enough in Europe, which has
carried out multinational coopera¬
tion for decades. Getting the United
States and Europe to agree on a
single currency will be even more
difficult. The United States was one
of the last developed countries to
have a central bank, and only in the
past few years has the United States
allowed nationwide banking,
something which has been taken for
granted in every other country in
the world for most of this century.
The United States' willingness to
participate in international eco¬
nomic organizations is evidenced by
its membership in the WTO, the
IMF, the World Bank and NAFTA.
The primary political reason for
opposing a supranational Central
Bank would be the loss of economic
sovereignty that would occur.
However, it is important to differen¬
tiate between independence,
accountability, and political control.
Even though it would be a suprana¬
tional agency, the Global Reserve
Bank would never have complete
independence from domestic
political control. It would be ac¬
countable to the countries that
would give the GRB its power. If the
Global Reserve Bank forsook its
accountability and acted against the
interests of the United States, the US
could leave the currency union just
as some French African countries
have left the CFA franc currency
union. The threat of exit would force
the GRB to remain accountable.
The basis of democracy is a
system of checks and balances,
which limits the powers of each
branch of government. Although
members of the Federal Reserve
have a large degree of freedom from
political influence. Congress must
approve Federal Reserve appoin¬
tees, and the appointees are subject
to impeachment. Similar control
over appointees to the Global
Reserve Bank would be necessary
28
VOLUME 37, NO. 4
for the U.S. Congress to approve US
membership. The Global Reserve
Bank can be both independent and
accountable. The two are not
mutually exclusive.
In some ways, it would be easier
to establish an independent, supra¬
national Central Bank than to
establish other supranational
agencies. First, by definition, the
Federal Reserve is supposed to be
independent of political influence
on a day-to-day basis. Second,
because the Federal Reserve makes
a profit from the reserves that are
deposited with it by banks, it does
not require any Federal funding.
Third, the Federal Reserve has
coordinated its actions with other
central banks in the past. The Global
Reserve Bank would institutionalize
this cooperation. Fourth, by their
very nature, financial markets are
international, and the dollar is an
international currency with about
half of U.S. currency currently
outside of the United States, A
Global Reserve Bank would prob¬
ably make policy coordination
between the world's central banks
easier than it is today.
A final economic cost of the
currency union would be that the
United States would no longer be
able to issue bonds in its own
currency Given the credit history of
the United States, there would be
few worries about default through
non-payment, and the introduction
of a eurodollar could reduce the risk
to bond holders because the govern*
ment could no longer default
through inflation.
One way of understanding the
future debate over the eurodollar
will be to look at which interest
groups will come out in favor of a
currency union and which will
oppose the currency union. In the
case of a eurodollar currency union,
direct losers would be few. Al¬
though there might be ideological
opposition, economic opposition
would come mainly from firms that
would fear that the currency union
would favor large multinationals at
their expense.
The introduction of a eurodollar
would also have political repercus¬
sion outside of the United. Many
European countries found it difficult
to convince their citizens to give up
their own domestic currency for one
controlled by the European Central
Bank. Convincing Europeans to give
up their currency for one jointly
controlled by Europeans and
Americans might be even more
difficult.
Outside of Europe, the introduc¬
tion of the single currency would
produce a group of insiders who
were part of the world's leading
currency and outsiders who were
not. The world could become
divided between eurodollar coun¬
tries and everyone else. For this
reason, arrangements would have to
be made for countries outside of
Europe and North America to join
the eurodollar bloc.
Once the transition to a single
currency for Europe and the United
States was made, the transition to a
single currency for the entire world
could come with a speed that might
surprise many The world might
easily be moving from having
almost 200 currencies today to
having one within a decade, and
twenty-five years from now, histori¬
ans would wonder why it took so
long to eliminate the Babel of
currencies which existed in the
twentieth century.
The fear that economic integra¬
tion inevitably leads to greater
political integration Is unfounded.
In fact, the opposite is probably
true. Economic unity can coexist
with and support political diversity
Countries which have been part of
the Deutsche Mark bloc (Denmark,
Netherlands, Belgium, Luxembourg,
France, Switzerland, Austria) have
seen no reduction in political
freedom as a result of linking their
currency to the Mark. In some
ways, having a currency union
could enhance political sovereignty
since it would reduce the role of
monetary policy in politics.
One benefit of a currency union
between the United States and
Europe would be that it could
strengthen the euro. Many Europe¬
ans fear that the euro could fail, but
if the euro were seen as an interme¬
diate step on the path to a currency
union between the United States
and Europe, many reservations
about the euro could be removed.
Greater financial and economic
integration within the world could
also reduce the likelihood of conflict
between countries. With a single
currency being used throughout the
world, and multinational corpora¬
tions operating in dozens or even a
hundred different countries, the
potential for war due to economic
reasons would be reduced substan¬
tially. This fact has been a driving
force behind the economic integra¬
tion of Europe since World War II.
The Impact of the Eurodollar on
Financial Markets and on Banking
The greatest direct impact of the
introduction of a eurodollar would
fall on financial markets, and
particularly on foreign exchange.
Currency markets transact over $1
trillion in foreign exchange opera¬
tions every day The introduction of
a eurodollar would dramatically
reduce international currency
transactions in the spot market, the
futures market, swap market and
forward markets. The need for
currency hedging between the
United States and Europe would be
eliminated overnight. Moreover,
once a eurodollar was introduced, it
would become the principal,
perhaps the only, reserve currency
in the world.
One consequence of introducing
a eurodollar would be the need to
create a central bank, perhaps to be
called the Global Reserve Bank
(GRB), which would oversee the
currency union. The Global Reserve
Bank would probably be modeled
on the Federal Reserve Bank. The
Global Reserve Bank would build
on the foundations of existing
central banks to link the banks of all
29
LB.N.S, JOURNAL
member countries together.
At the Fed, policy is centered in the
Federal Open Market Committee with
the Federal Reserve Bank of New York,
carrying out the policy actions of the
FOMC. The Global Reserve Bank's
version of the FOMC could include
twelve members. Six members would
come from the GRB (one of whom
would be the Chairman), three from
United States district banks (one of
whom would be from New York), and
three from European central banks.
Europeans could rotate their positions
among different countries as they do
now.
In addition to running monetary
policy, the Federal Reserve in the
United States plays an important role
in regulating the banking system. The
Comptroller of the Currency charters
national banks, the FDIC provides
deposit insurance that is backed by
the full faith and credit of the United
States government, and the Fed
supervises banks. Countries would
have to meet common standards for
bank supervision and deposit insur¬
ance, which would be similar to the
standards that currently exist in the
United States. Banking regulations
would have to be rewritten in both the
United States and in Europe to
harmonize them with each other.
International accounting and transpar¬
ency standards for countries that
would be part of the eurodollar bloc
would have to be applied in all
member countries.
These rules would be applied to
other countries that wanted to join the
Eurodollar. Although countries would
be free to link their currency to the
eurodollar as Argentina has to the
dollar, joining the eurodollar bloc
would entail agreeing to the same
regulatory standards as occur within
the United States and European
countries.
The globalization of financial
markets, which would occur in
banking, would extend to stock and
futures markets. World stock markets
would become more integrated
because the single currency would
make it easier to trade stocks on
multiple exchanges. Firms that did an
initial public offering or a secondary
offering could offer shares in both the
United States and Europe giving them
a larger capital base to draw upon.
The savings to corporations and to
individuals of introducing a single
currency would be enormous, both in
terms of the costs of carrying out
international economic activities, and
in the reduction in foreign exchange
risk that would occur Corporations
w r ould see a virtual elimination of
transaction risk, economic risk and
translation risk overnight.
It should be obvious that foreign
currency markets are expensive.
Governments force corporations to
spend billions of dollars each year
dealing with the consequences of
operating in almost 200 currencies
worldwide. Introducing a single
currency for the United States and
Europe would go a long way toward
reducing these costs for corporations
and for individuals.
A Timetable for the
Introduction of a Eurodollar
Though the economic benefits of a
single currency have long been
obvious from a purely theoretical
point of view, no currency for the
entire world has been introduced until
now because the political and eco¬
nomic costs of making this change
have been too great. The real problem
is, how do you go from having almost
200 currencies to having only one?
If there were a single world govern¬
ment, there would also be a single
world currency, but a single world
government is neither likely to occur,
nor desirable. The current global
financial crisis has made a single
currency more feasible, because some
people are beginning to question the
efficiency of the current exchange rate
system.
What is unique about the current
world economic and financial situa¬
tion is that for several reasons, it is
now possible to convert to a single
currency for the United States and
Europe, and the rest of the world at a
minimal economic cost.
First, financial markets through¬
out the world have become increas¬
ingly integrated. Financial firms
span the globe and international
transactions increase annually. In a
world that is brought closer together
everyday through airplanes, tele¬
communications and the Internet,
havin g a 1 most 200 d i fferent curren-
cies seems an absurd, inefficient
anachronism. In our opinion, the
economic cost of maintaining almost
200 national currencies exceeds the
cost of converting to a single cur¬
rency.
Tlie introduction of the euro
enables the world to make the first
step toward a single currency for the
United States and Europe. The dollar
and the euro could be linked to¬
gether to form a single currency at a
1:1 parity with each other. Linking
the dollar and the euro would be a
relatively simple step compared with
creating the euro out of the eleven
currencies that preceded it.
The euro will be introduced on
January 1,1999 in accordance with
the Maastricht treaty. Participating
countries will fix their domestic
currencies to the Euro, and after that,
their currencies will not be allowed
to fluctuate against the euro or
against each other. The European
Central Bank will begin running the
monetary policy of the countries
which are members of the euro. On
July 1,2002, the German mark,
French franc, Italian lira and other
currencies will cease to exist.
The introduction of the euro
simplifies the transition to a
eurodollar in a number of ways.
First, once the euro has been intro¬
duced, it reduces the cost of joining
Europe's currencies to the U.S. dollar
because these currencies have
already made the transition to a
single currency. Second, it introduces
the technology that is necessary to
make the transition.
Third, the rough similarity in the
value of the euro and the dollar
means that the two currencies could
be set at par to one another. Since
one dollar is worth less than a Euro,
30
VOLUME 37, NO. 4
this will put the United States at a
disadvantage because it would
automatically raise the prices of U.S,
goods relative to European goods.
However, finding a conversion rate
other than par would probably make
linking the currencies almost impos¬
sible, After the link is established,
prices of goods will gradually adjust
to insure that goods in the United
States and Europe are priced simi¬
larly.
The earliest date which the euro
and the dollar could be linked
together at a 1:1 ratio would be
January 1,2003. The initial goal
would be to establish the eurodollar
as a single currency, rather than to
eliminate the euro and the dollar
altogether Time would be needed to
establish confidence in the new
currency
The other change that would
occur on January 1,2003 would be
that the Federal Reserve Bank and
the European Central Bank would
begin cooperating with one another
and would lay the foundations for
the Global Reserve Bank, which
would replace them. Similar ties
would be established between other
government agencies in the United
States and Europe, which oversee
financial markets and would be
affected by the introduction of the
single currency. Corporations would
also begin preparing for operating
their financial accounts in a single
currency
The eurodollar could be estab¬
lished as the legal tender of all
member countries two years later on
January 1, 2005. The GRB would take
control of monetary policy for
member countries on this date, and
the regional Federal Reserves in the
United States and European central
banks would henceforward carry out
the policies of the Global Reserve
Bank*
The third step would begin after
the eurodollar and the Global
Reserve Bank had been firmly
established. In this phase, other
countries would be allowed to join
the eurodollar bloc and use the
eurodollar as their legal tender
currency Every country that wanted
to join the eurodollar bloc would
have to go through a two-year
probationary period.
During this time period, the
country would have to set up a
currency board and fully back its
currency with Eurodollars, as Hong
Kong and Argentina do today with
the US dollar. During this probation¬
ary period, the country would have
to link its currency to the dollar and
maintain that link. Second, each
country would have to allow the
GRB and other agencies which
oversaw the financial system in the
United States and Europe to estab¬
lish regulatory control over the
financial institutions within its own
country. Third, each country would
have to agree to strict limitations on
government deficits and other
aspects of fiscal policy that could
jeopardize participation in the
eurodollar bloc. If the country had
managed to maintain a stable link to
the eurodollar for two years, and if it
had met all the regulatory require¬
ments of the Global Reserve Bank
and its sister agencies, the country
would be allowed to introduce the
eurodollar as its legal tender cur¬
rency
Non-members could be allowed
to link their currency to the
eurodollar beginning on January 1,
2005 when the eurodollar would
become legal tender in Europe and
the United States. Countries would
not be allowed to introduce the
eurodollar as their currency until
January 1, 2007.
If a Eurodollar were introduced,
what would the currency look like?
There are three possibilities. First,
each country could continue to print
their own currency even though the
currencies would be linked to each
other. This solution, however, would
defeat the purpose of having a single
currency, and would make it difficult
to spend currencies in different
countries that were members of the
single currency area.
Second, a single set of notes
could be printed for the entire
currency area. The new euro cur¬
rency falls into this category. A
single set of notes will circulate
throughout the currency area.
Members of the French Africa and
East Caribbean currency areas have
provided a similar solution; how¬
ever, they mark the countries of
origin by printing different letters
on their currencies. Even though the
notes are printed for different
countries, they are legal tender in all
member countries. Of course,
producing a homogeneous set of
notes for the United States and
Europe would not be a very interest¬
ing solution for collectors of bank
notes!
This leads to a third solution
which could both provide some
similarity in bank notes while
preserving some independence of
design. The new Bosnian convert¬
ible mark notes provide an interest¬
ing alternative. Because of the
conflict between Serbs and Croats,
two versions of each denomination
has been printed. Each note has one
version with a Serb in the portrait,
and the other version has a Croat in
the portrait.
French Indochina faced a similar
situation when it issued separate
notes for Laos, Cambodia and
Vietnam {Pick 93-109). Each de¬
nomination had the same face, but
different backs were printed for the
notes for Laos, Cambodia and
Vietnam. A similar solution could be
used for eurodollar notes.
One alternative would be to have
a common design for the notes, but
American notes could retain pic¬
tures of the presidents, British notes
could have the queen, and European
notes could have famous Europeans
on their notes. The other alternative
would be to have a common face,
but different reverses for the United
States and Europe.
American notes would at last
become colorful, and the new euro
notes could lose their bland, generic
homogeneity. The variety would
31
I.B.N.S. JOURNAL
also reassure bank note collectors
that a single currency would not
sound the death knell of bank note
collecting.
Conclusion
For the first time since the world
moved to a system of flexible
exchange rates back in 1973, it is
possible to establish a single cur¬
rency for Europe, the United States,
and possibly for the rest of the
world. The eurodollar would move
beyond Bretton Woods and the Gold
Standard by establishing a single
currency rather than a system of
fixed exchange rates as had existed
before.
Conditions are ripe for this
transition. The introduction of the
euro has created the momentum to
move to change to a single currency.
The technology for making this
change has been introduced in
Europe, and because of the rough
parity between the euro and the
dollar, the transition to a single
currency for Europe and the United
States could be made at a minimal
cost.
The only condition that is lacking
is the political will to make this
change. As with the euro in Europe,
making the transition will require
strong leadership in both the United
States and in Europe to see through
the transition to a single currency. At
some point in the near future, people
will see that the benefits of having a
single currency far outweigh the
costs, and people will begin to ask if
we can afford not to have a single
currency. At that point, the single
currency will become a political and
economic fait accompli, and a world
that has almost 200 currencies will
be seen as an inefficient anachro¬
nism.
The Kings of Thailand
on Bank Notes
by Henry B. Heath , I.B.N.S. #3123
Historical Links
From origins in western China, the
Thai people were forced out of their
Nanchao kingdom by a Mongol
invasion (1253) and under a resolute
leadership infiltrated into and
occupied the Malay peninsula and a
large part of the fertile plains of the
Chao Phraya River. By the 14th
century it had developed into a
strong and independent nation under
its king, Rama Tibodi, who founded
the capital city of Ayutthaya. Siam, as
the nation became known, subju¬
gated the neighboring Cambodian
Khmer empire, sacked its capital city,
Angkor (1431) and from them
adopted the Khmer-Hindu concept
of a " god-king " (deva raja) with
absolute power of life and death over
his people. The country prospered
and its wealth attracted not only
Asian traders but also the merchant
venturers of Portugal (1511) and later
those from the Netherlands, Britain,
Spain. The French not only sent
traders but also zealous missionaries
whose vigorous conversion to
Christianity of the Buddhist Siamese
was considered excessive leading to
their expulsion (1688) and a closing
of relations with the European
powers. By the 16th century the
country had firmly adopted the
Buddhist religion and had become
fiercely independent making it an
attractive prize for its Burmese
(Myanmar) neighbors. In 1569,
Ayutthaya was attacked by a Bur¬
mese force and, although it fully
recovered, the threat from Burma
remained and the city was again
attacked and sacked in 1767 and the
royal family deported to Burma.
Burmese rule of Siam was ended by a
Thai uprising led by General Phraya
Taksin (1734-1782) who recaptured
the lost territory and proclaimed
himself King of Siam, but the king-
ship was short-lived, Taksin was
deposed and one of his able com¬
manders, General Chao Phraya
Chakri, assumed the throne. He
became the first Thai king of the
Chakri dynasty which is still in
power.
The Chakri Dynasty
General Chao Phra-ya Chakri
(1737-1809) was a former provincial
judge who became a ruthless military
commander. After acceding to the
Thai throne as Rama I, he promptly
had his predecessor executed. He
finally drove out the Burmese
invaders, moved the country's
capital from Thon Bun to Bangkok
and his reign (1782-1809) saw the
reestablishment of the military
prestige and cultural heritage of
Siam. Rama II (1768-1824) restored
relations with England. He was an
accomplished author and poet and a
patron of the arts. Rama III (d. 1851)
succeeded to the throne and reigned
1824-51. He opened up the country
to foreign trade signing treaties with
Britain and the USA. Rama IV
Mongkut (1804-1868) reigned 1851-
68, was the son of Rama II and spent
his early life as a monk. He realized
that the absolute power of the earlier
kings could not be maintained and
sought accommodation with the
European powers. He relinquished
Cambodia to the French. His actions
saved Siam from being colonized by
any western power. Rama V
Chulalongkorn (1853-1910) was the
son of Rama IV and ruled under a
regency (1868-73). He was great
reformer who abolished the feudal
32
VOLUME 37, NO. 4
King Rama IX slightly older P74 (1955)
King Rama IX as a young man P72 (1948)
system and slavery. His reorganiza¬
tion of the government, education,
the legal and monetary systems and
communications were based on
European practice. He was forced to
hand over the Thai controlled
western provinces of Cambodia to
France U907) and four Malay states
to Britain (1909L Rama VI
Vajiravudh, Vajiravudh (1881-1925)
was the son of Rama V and reigned
1910-25. He continued and extended
the reforms initiated by his father. He
founded the Chalalongkom Univer¬
sity (1916) and was himself an author
and playwright. He successfully
resisted a move to impose a constitu¬
tion resistructing his powers. He
supported the Allies during World
War I. Rama VII Prajadhipok (1893-
1941) was the brother of Rama VI .
He was the last of the absolute
monarchs who reigned 1925-35
during which he was temporarily
dethroned following a coup d'etat.
The government became dominated
by a military junta and he abdicated
(1935) and went to live in England.
Rama VIII Ananda Mahidol <1925-
1946), the nephew of Rama VII, was
chosen by the military junta to
succeed and reigned 1935-46. During
World War II he was allied to Japan,
declared war against Britain and the
USA and saw Japanese troops
occupying his country during the
hostilities. He was mysteriously shot
and killed in his room (1946) and was
succeeded by his younger brother
who became Rama IX Bhumiphol
Adulyadej. Since 1946 he has been
the constitutional monarch of
Thailand.
Bank Notes in Thailand
(called Siam until 1939).
Although bank notes issued by the
Grand Treasury were circulating in
Thailand since 1853, it was not until
the 1934-35 issue that the portrait of
King Rama VII was used on the face
of the 1,5,10 and 20 baht notes. The
earlier notes between 1898 and 1903
were issued by the Bangkok branch
of foreign banks operating in the
King Kama IX in state robes F83 (1968-78)
King Rama IX in uniform with medals P87 (19801
33
] B.N.S. JOURNAL
King Rama IX in dress uniform with medals- PS8 (1981)
King Rama IX in uniform and state robes P94 (1992)
country* These included the Char¬
tered Bank of India, Australia and
China, the Hong Kong and Shanghai
Banking Corporation and the Banque
de L 'Iridochine. All notes issued
during this period carry the Thai
royal coat of arms. Since 1934 most
notes issued by the Royal Thailand
Treasury, the government of Thai¬
land (during the Japanese occupa¬
tion 1942-44) or the Bank of Thailand
have carried a portrait of the mon¬
arch. These include: Rama VII
Prajadhipok also called
Ohrapokklao. He was born in
Bangkok in 1893 and unexpectedly
succeeded his brother. King
Vajiravudh, who died in 1925.
Prajadhipok had intended to follow
a military career and had been
educated at Eton and the Royal
Military Academy at Woolwich,
England. Unfortunately his liberal
policies where constrained by senior
members of the royal household. A
period of stagnation led to the Thai
revolution (1932) which ended the
long period of absolute monarchy
The institution of a constitutional
monarchy was welcomed by King
Rama VII, but his rule was made
largely ineffectual by a powerful
military administration. He abdi¬
cated and died in exile in England.
Rama VIII Ananda Mahidol was
born in Heidelberg, Germany in
1946. He was the elder son of Prince
Mahidol and Princess Sang wan . The
Prince was a medical student at
Harvard University when he met and
married a Thai student nurse,
Sangwan. Ananda Mahidol was a ten
year old student in Switzerland
when he was chosen to succeed his
uncle King Prajadhipok, Rama Vll
(1935), his father having died earlier
of a malaria while serving as a doctor
in northern Thailand. World War II
prevented his return to Thailand so
that he did not take up his role as a
constitutional monarch until 1946
following the seven year regency of
Nai Pridi Phanomyong. During that
period he continued his studies in
Switzerland under the care of his
mother. Then followed what became
one of the most traumatic events in
modern Thai history Early on the
morning of June 9th, 1946 King Rama
VIII was found dead in his bedroom,
having been shot. The culprit(s) have
never been found and officially it was
reported that he had had a gun
accident. The mayhem which ensued
weakened the monarchy and has¬
tened the return of a military junta
led by General Luang Pibul
Songgram.
Rama IX Bhumiphol Adulyadej (or
Ohumiphon Adunlayadet), the
present King of Thailand, is the
grandson of King Chilalongkorn,
Rama V. He is the second son of
Prince Mahidol and Princess
Sangwan and was born in Cam¬
bridge, Mass., while his father was
studying medicine at Harvard
University He was studying engi¬
neering at Lausanne University when
he succeeded to the throne folio wing
the sudden death of his elder brother
Ananda Mahidol, Rama VUL After
his accession he returned to Switzer¬
land, completed his studies and
graduated. He married Princess
Sirikit Kitiyakara (1950) and was
crowned in Bangkok shortly after-
King Rama IX in Field Marshal's uniform P99 (1996)
Plastic note with shadow portrait of King in dear part.
34
Statue of King Takstn on a rearing steed. P88 (back) 1981)
VOLUME 37, NO. 4
Statue of King Rama VII enthroned P94 11992)
Statue of King Narasuan The Great on an elephant
PS9 (back) (t97S)
wards. As a constitutional monarch,
Rama IX has no political power
being strictly controlled by the
powerful military junta, although he
is the Head of State and Com-
mander-in-Chief of the armed forces
and exercises considerable influence.
He is, however, a powerful symbol
of the Thai nation who fulfils a
significant ceremonial role and
successfully maintains a balance of
power between conflicting interests
of the monarchy, the military and the
people On several occasions he has
played an important part in restor¬
ing confidence in the government
and following pro-democracy
student demonstrations his interven¬
tion was significant, although his
actions were criticized as being
political. He enjoys considerable
public popularity through his royal
"projects," over his concerns for the
poor and his vigorous fight against
drug farmers. He always maintained
a very close relationship with his
very popular mother, the Princess
Mother Sangwan (1900-1995) who
inspired both loyalty and devotion
throughout Thailand* He celebrated
his golden jubilee as monarch (June
1998}, being the longest reigning
monarch in the world* His only son.
Crown Prince Vajiralongkorn fb.
1952) is his designated successor
Four other former monarchs are
also celebrated on current bank
notes, though as pictures of statues
rather than formal portraits. These
include: Narasuan (known as The
Great) (c. 1555-1605), King of Siam
(1590-1605), He was the son of King
Maha Dhammaraja and owed
allegence to Burma as governor of
Phitsanulok province (1571). He
broke his feudal ties to Burma (1584)
and routed the forces sent to restore
the situation. As king, he extended
his realm into Cambodia and an¬
nexed Burmese territory He is
generally regarded as a national
liberator.
Phraya Taksin. General (1734-
1782), King of Siam (1767-1782). As
his title 'Phraya' indicates. General
Taksin was a provincial governor
when called upon to recapture the
Thai capital city, Ayutthaya (1768),
which had been overrun by Burmese
invaders. To increase the defensive
capability of the country he united
the five feudal pricipalities into a
single kingdom, moved the capital to
Thon Burl, recaptured the Thai
provinces from Cambodia and
proclaimed himself king. However,
his regal arrogance proved unaccept¬
able to his subjects and he was
deposed and later executed by his
successor Chao Phraya Chakki.
Rama 1 Chao Phraya Chakkri
(1737-1 809), King of Siam (1782-1
809), played a significant military
role in clearing the Burmese invad¬
ers from his country. He moved his
capital from Thon Bun to Bangkok
and did much to re-establish the
military prestige and cultural
heritage of Siam.
Rama V Chulalongkorn (1853-
1910). King of Siam (1868-191 0),
under a regency (1868-73).
Chulalongkorn was only 15 years
old when he succeeded to the throne
and, in consequence, the country
was governed by a regent until 1873.
He had an eventful reign having to
balance the need for continuing
reforms with the real danger of
western colonization. In this he was
successful and Siam retained its
independence. The French forced
him to yield some territory in
Cambodia as well as Laoatian
territory east of the Mekong River
(1907), then he lost further territory
to the British who claimed parts of
the Malay Peninsula (1909). In spite
of this. King Chulalongkorn is
regarded as a great monarch who
presided over one of the most
35
I.B.N.S. JOURNAL
Rama lX r s birthday
Back of large commemorative note P93 showing King Rama IX,
Queen Sirikl and their family talking informally
to a group of subjects.
Special large note commemorating King
P93 (5.12.19871
brilliant periods of Thai history and
achievement.
Rama VI Vajimdh (1881-1925),
King of Siam (1910-1925) succeeded
his father and carried through
several important reforms including
monogamous marriage and adoption
of the Gregorian calendar. He
appears as a statue in Bangkok
showing hts father King Rama V
seated with his son, the then Crown
Prince Vajirudh, standing on his left-
hand side. He was responsible for
westernizing many Thai institutions.
Portraits of the Monarchy
The following chronological listing
of royal portraits or pictures of royal
statues on Thai paper currency is
based on World Paper Money (Pick),
Volume two, 8th, Edition and
Modern Issues 1961-1998, Volume
three, 4th Edition*
Acknowledgments
The assistance of Ms* Putriga
Ampaian of the Royal Thai Embassy,
London is gratefully acknowledged for
the positive identification of the statues
appearing on the back of the 500 baht
note (P95> and 100 Baht note (P97).
Naresuan. Phray Naret (known as THE BLACK PRINCE ).
(c. 1555-1605) King of Siam (known as THE GREAT) (1590-1605)*
Vignette of statue; King Naresuan mounted on an elephant P89 (back) (1978).
Taksin. Phraya (1734-1782),King of Siam (1767-1782).
Vignette of statue at Chantaburi; King Taksin mounted on a rearing steed. P88 (back) (1981).
Rama L (1737-1809), King of Siam (1782-1809)*
Vignette of statue; King Rama I seated, wearing state robe and headress with plume and wide brim. P9 1 (back) (1988)
Rama V* Chulalongkorn and the Crown Prince Vajiravudh (later to be King Rama VI)
Vignette of a statue. King Rama V in state robes, seated with Crown Prince Vajiravudh standing on his left, P97 (1994)
Rama V. Chulalongkorn (full name Somdeth Phra Paraminda Maha
Chulalongkorn) ( 1853-1910). King of Siam (1868-1910), initially under regency (1868-1873)*
Vignette of statue: King Chulalongkorn mounted, in uniform, facing left. P87 (back) { 1980), P98 (back) (1995)
(Commemorative issue for 120th Anniversary of Ministry of Finance.)
Rama VII. Prajadhipok (1893-1941 ).King of Siam (1925-1935)*
Vignette of statue. King Prajadhipok in full State ceremonial robes, enthroned, facing left. P90 (back) (1985), P94 (back)
(1992) (commemorative issue for 90th birthday of Princess Mother Sangwan).
Portrait Head, facing forwarding military uniform P22-25 (1924-35)
36
VOLUME 37, NO. 4
Rama VIII. Ananda Mahidol (1925-1946).King of Siam/Thailand (1935-46).
Portrait:
1. Head of King Rama VIII as a boy facing quarter left, wearing uniform (1935-36); P30-38 (1938-39); P39-42 (1942-43)
2. Head of King Rama VIII as a boy facing forward, wearing uniform and decorations. P43-53 (1 942-43)
(Japanese occupation notes).
3. Head of King Rama VIII as a boy, facing quarter left, wearing uniform. P53A-53B (1945).
4. Head of King Rama VIII as a boy, facing forward, wearing uniform and decorations. P54-57 (1945), P62 (1946),
5. Head of King Rama VIII as a boy, facing half left. P58 (1942) (very small portrait in oval vignette)
6. Head of King Rama VIII as a boy, full face, showing uniform collar. P63-67 (1948).
Rama IX. Bhumiphol Adulyadej (1927- ).King of Thailand (1946-).
Portrait:
1. Bust Jacing forward,wearing spectacles in full dress uniform without collar insignia. P69-73 (1948).
2. Buatfacing forward,wearing spectacles in full dress uniform of field marshal with medals P74-78(1953).
3. Bust, an older King Rama IX facing quarter left,wearing dress uniform with medals and collar insignia, P79 (1 968).
4. Head and shoulder facing quarter left,wearing traditional ceremonial robe with embroidered front and shoulder
ribbons. P80-86 (1969-88).
5. A much older King Rama IX wearing field marshal's uniform with embroidered collar medals and decorations. P87-89
(1978-8 1) (different sizes).
6. An older King Rama IX facing forward,wearing full dress uniform and traditional robe. P90 (1985).
7. Bust facing forward,wearing dress uniform with sash of an order over right shoulder. P91 (1988), P95 (1992).
8. Head, facing forward, wearing dress uniform with embroidered collar. P92 (1992), P960992), P97(1994), P99-101 (19%).
(P94-95 commemorate 90th birthday of Princess Mother Snngwan; P96 commemorates 60th birthday of Queen Sirikit;
P98 commemorates 120th Anniversary of Ministry of Finance 99-100 commemorate 50th Anniversary of Rama IX's
reign).
9. Special commemorative issue celebrating King Rama IX's 60th birthday. On front. King shown enthroned uncrowned
but in ceremonial robes with crown and regalia on either side. On back King Rama IX and Queen Sirikit, seated,
surrounded by a crowd of subjects.
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37
I.B.N.S, JOURNAL
Mexican Bank Note Treasure Found
by Jaime Benavides, I.B.N.S. #7925
What could only be described as the
greatest bank note find ever in the
history of Mexico has just been
made public in Mexico City last
October,
A chest containing the unimagin¬
able sum of 67,574 classic bank
notes (1896-1914) has been returned
to the Mexican Government by the
U.S. State Department after 83 years
of storage somewhere in the Wash¬
ington, D C area.
This find is astounding and
beyond description not only be¬
cause there is probably more
material here than the total amount
of early mexican bank notes con¬
tained in all the collections in the
World put together, but it also
contains ELEVEN previously
unknown bank notes of high
denominations all signed and
circulated. The number of rare notes
included in this group, some in
large quantities, is also hard to
assimilate,
just to give you an idea let me
mention a few examples: Previously
only two $500 pesos Banco de
Coahuila were known, there are
EIGHT in the lot. $1,000 Banco de
Guanajuato again there were only
two known, the chest contained
TEN examples, same bank $500
there were four, now there are
FORTY to be added to the list.
Banco de Guerrero $100 a rare note
of which only five signed pieces
were known, this archive contains
NINETY SEVEN! notes some up to
Extra Fine condition.
The history behind this find is not
dear as of now. We have to remem¬
ber that Mexico was in the midst of
a bloody civil war between 1910 and
1915 and several governments
alternated power over different
parts of the country during these
years. Zapata, Pancho Villa, and
This is the chest which surfaced after S3
years in storage.
The US Treasury Dept. seal.
Every denomination of the Banco de
Guanajuato is present in huge quantities,
Carranza are names familiar to
those who know a bit of Mexican
history of the period.
The absence of notes from issuing
banks that were no longer in
business after the early 1900's and
the fact that some common bank
notes issued after July 1914 are not
present gives weight to the theory
brought up by Dr. Luis Gomez
Wulschner in which he presents a
scenario where General Carranza,
one of the Revolutionary leaders in
power then seized or took this
hoard with him when he was forced
to leave Mexico City in November
1914 bound for the Gulf Coast Port
of Veracruz (Mexico City had to be
the only place where the then
astronomical sum of over
$2,300,000.00 in hard currency could
be kept). Veracruz was blockaded
and occupied by American forces in
1914. How come this chest ended up
in their possession is anybody's
guess. The reality is that it ended up
in the hands of the U.S, Treasury
Department where it remained
under seal and lock until January
1997 after someone alerted the
Mexican Embassy of its existence
and after they formally requested
the return of the seized treasure.
After the bank notes arrived in
Mexico City the Secretaria de
Relaciones Exteriores (Foreign
Ministry) asked renowned numis¬
matist Duane Douglas to evaluate
the collection. He in turn asked
permission to make this find public
and last October he presented a 200
page fully illustrated book in
Mexico City describing in detail the
contents of the find.
The list of bank notes is long and
impressive. The amount of new
information regarding dates of
issue, signatures, local overprints,
serial numbers, etc. is enough to
keep the specialists busy for months
or even years. As to what will
become of all this and what will the
Government of Mexico do with the
38
r
VOLUME 37, NO, 4
i
A previously unknown, uncatalogued,
signed $54)0 peso from the Banco de Hidalgo,
Not even a printer's proof was known for this signed and circulated
$500 peso from the Banco Mercantil de Monterrey.
Banco de Tabasco
$100 has always been
rare. Here we can see
33 of these found
among the hoard.
This is how T a 1,247
stack of the $20 Banco
de Durango looks
like.
J
materiel 1 has not yet beendecided.
The future will tell... On one hand
you could see the bank notes never
reaching the market and remaining
in the hands of the Government as a
Cultural Heritage Archive, donations
to local museums could also benefit.
On the other hand if some or most of
the hoard reaches the open market it
would affect seriously the prices of
Mexican material in the short run
and yet it will naturally take a while
to build a MUCH NEEDED expan¬
sion of the collector base to assimi¬
late the newly available bank notes
and help stabilize the market at
present levels once more. Perhaps,
some may argue, this could be the
best possible outcome one could
wish for, to keep just part of the
collection for cultural purposes and
donate or distribute the rest (either
as it is now or after a well planned
sale) among charitable and cultural
institutions who can be the final
beneficiaries of this find, after all;
What use can the Government have
for 244 $1,000 peso Banco Oriental ?
If you are interested in a copy of
the book Unknown Mexican Paper
Money Issues, Repatriation of a
Treasure you can contact the author
Duane Douglas, El Mundo de la
Moneda, Motolinia # 31,06000-
Mexico, D.E; MEXICO. Fax (+52) (5)
521-8037. E-mail:
n'iomomex@mail. in ter ne t . com. mx
Mr. Douglas kindly gave me his
permission to write and illustrate
this article. The book is in Spanish
and English and it is a joy to browse
through.
39
I.B.N.S. JOURNAL
A Visit to Coe College
by Fred Schivan, I.B.N.S. L.M.#6
Hey doc, how d'ya measure this?
Why doesn't this work? Can I get
some help with this or that? It was
an impressive group of students—
and questions—that streamed in
and out of Steve Feller's office at
Coe College in Cedar Rapids, Iowa,
It was obviously an everyday
occurrence and equally obvious that
Steve is in control. He is in his
element. The students obviously like
and respect that affable physics
professor; he likes them too.
The caption on a student-pro¬
duced cartoon shows a student
holding up her hand to be recog¬
nized and shouting "Hey doc, can
we take a break? My brain is full!"
The cartoon was also made into a
Coe Physics Club T-shirt.
In the spirit of physics, Steve
conducts an experiment on the
frequency of star notes appearing on
current Federal Reserve bank notes.
The sample size is the number of
bills inserted in the Physics Club
soda machine in the hall way. The
prices charged are a full increment
lower than those in the competitive
machines down the hall and the
selection of drinks was determined
by canvassing the customer base.
Oh yes, Steve reports that the
frequency is an expected 1%,
Mario Affatigato is a colleague
and a fellow physics professor. He is
also a former student of Steve's in
the Coe Physics Department. Mario
would claim to not be a collector, or
at least not a numismatist, I am not
so sure. With only the slightest
prodding he volunteered informa¬
tion that had appeared about bank
note technology in a physics journal.
On his own he proposed a
sophisticated experiment comparing
the paper (and possibly the ink) of
World War II Operation Bernhard
counterfeits with genuine Bank of
England notes. He was very serious
and enthusiastic about the prospects.
1 could not believe it, but Steve was
hesitant because of the cost of
sacrificing a genuine (and counter¬
feit) note. Then we brainstormed
about the possibilities. Hopefully we
will see the results published here
after first appearing in some high
profile science publication!
Of course the above discussion
took Steve down an oft-traveled
road of ours debating how to
differentiate Bernhard counterfeits
from genuine notes. Indeed, it was
that subject that brought us together
for the first time well over a decade
ago. Steve had written an article on
this subject for The Numismatist * I
liked the article, but not all of the
conclusions, so l got his number
from information and called. Only a
few weeks later, he and his family
made a 300 mile trek to visit and
discuss notes.
Since that time we have worked
on more than a few projects and
visited one another several times. Of
course, we have also shared adven¬
tures at more than a few numismatic
events. We have also conducted
practical experiments in the laws of
probability and human behavior
over the poker table at some of these
events. I am sorry to say that I think
that he is "ahead." We still disagree
on many of the specifics of that
particular research problem.
Later Mario was very helpful in
working on a statistical analysis of
the data that 1 have amassed for 25
years on military payment certificate
replacements. When I get this
statistical work finished, you will be
subjected to it here. The point is that
Mario is a potential collector. A few
physicists on bank notes or perhaps
just a few more experiments, and I
think that Steve can bring Mario into
the fold.
Steve has the largest office of the
physics professors, I have visited
him several times over the past
decade, A few times he had the large
office, but most times he did not. He
dearly needs the largest office:
physics books, physics apparatus,
paper money books, physics relics,
paper money relics. Over in the
corner is a full set of the I.B.N.S.
Notes used at the time of the Berlin blockade.
40
VOLUME 37, NO. 4
Journals that have been produced
under his direction, more than 30! He
definitely needs that office. In the
past he told me that the department
chairman had the largest office and
that the position rotated among the
faculty* I asked him this time and he
said that the other faculty seemed to
have given up on the office (room or
position I was not sure).
Steve won a national award for
directing undergraduate research as
a physics teacher a few years ago.
That was an impressive and impor¬
tant honor. He probably is a very
good teacher. He is a great net worker,
wheeler dealer. He knows the ins and
outs of all types groups. He fre¬
quently mentions his travels to far
flung places in his editor's column.
These trips are usually because he
has been able to convince some
group that he (and very often some
students) should attend some physics
meeting. Of course if he can attend
the London Congress or meet with
some collectors, so much the better.
His current project might represent
the zenith of his grantsmanship.
Somehow he has gathered money
from academic circles for a pet
numismatic research project! At the
very moment that I write this, Steve
is preparing to depart on a European
research adventure funded by
sources that only Steve could find!
You will read about that here too I
am sure.
Somehow Steve is not a microcom¬
puter fan. This seems hard to believe
for a scientist and professor. The
contradiction is especially true when
you consider that he led the move¬
ment to get computers into the
college and his office and home are
cluttered with the machines. He
checks his e-mail every time that he
comes back into his office. He is
excited about the amount of LB.N.S,
Journal submissions that come via
pure electronic means* I think that he
is leading again with respect to
computers. He quickly recognized
that they are simply tools for doing a
job. His students though think that
he is a bit of a dinosaur in this area*
Of course they grew up with a
microchip in their cribs, but this
difference is one of the major areas
where the students playfully tease
Doc, However, Steve turns that
around on them* They gladly get
involved in doing computer projects
for Steve apparently to help out Doc!
Steve has an impressive library of
paper money books. T use the term
paper money loosely, because he
approaches his paper money library
the way that I do. Included in the
paper money library are history
books, philatelic books, and, gad,
coin books* We found some interest¬
ing research materials in one of his
stamp books.
The German currency reform of
1948 is an area of particular interest
of mine. In World War II Remembered,
we listed the date of this famous
conversion as being June 20,1948* T
had seen some slightly conflicting
information, but nothing definitive.
Well, this stamp book (sorry, I have
forgotten the name of the author) on
the associated stamp issues had a
different date and laid it out in a
way that seems to make sense and
even answers some other questions
that we have had. The date of the
conversion is listed as June 18
therein, but is also makes a careful
distinction that I have not seen
made elsewhere. The conversion on
this date was in the Western sectors
exclusive of Berlin!
Two days later, June 20,1948
when the Western powers ordered a
conversion in the Western sectors of
Berlin, they also ordered that the
notes be stamped (and later perfo¬
rated) with a B for Berlin* This is
great and wonderful research
information, but the timing was
bad. Or was it good? Steve had
invited me to Coe to address a
group on this currency conversion
from the historic view. 1 found this
information only an hour or so
before the presentation, so it really
shook my confidence and changed
the presentation*
We had a good time. We did three
recreations: 1948 Berlin chocolate
drops to the audience, creation of
short snorters and, our own conver¬
sion complete with "B" stamps.
So how can 1 wrap this up? We
are lucky to have such a creative
and energetic editor. If you are ever
near Cedar Rapids, I A, you really
should give Steve a call.
41
I.B.N.S. JOURNAL
Rachel Notes
More Fun And Exciting than
Carrying Chickens Around With You
by Rachel Feller
Money was really a very handy
invention. Considering that its
predecessor was the barter system,
money was a nice step toward
efficient buying. I myself am
appreciative that it is not necessary
to carry my coup of clucking and
flapping chickens to Baskin and
Robbms when 1 want an ice cream
and need something to give the
people working there in exchange
for some. 1 think that the sanitation
rules in places like Baskin and
Robbins are probably appreciative as
well.
Despite the obvious advantages
that money already provided in not
forcing me to carry live hens around
with me, this was not enough to
keep the population happy. There
had to be more conveniences to
make this already simplified process
even easier. Checks and credit cards
came into the picture and chickens
became really entirely too difficult
to even bother picturing any longer.
Society as a whole managed to
evolve its money system consider¬
ably, then, over a period of time.
This phenomenon (well, not really a
phenomenon, but that is a fun word
to use) is also observable on a
smaller scale. I, being a happy high
school student spend most of my
time in a school that has made
adaptations of its own.
At John F. Kennedy High School
in Cedar Rapids, Iowa, the economy
is not terribly complicated because
everything is controlled by our
central-govermnen t-main-offi ce.
The school is rather like a commu¬
nist state, and it holds a monopoly
on all of the products students
would be interested in buying —
namely, food. Vending machines
galore are sprinkled throughout the
building, as well as a variety of
options for lunches that range from
the traditional unidentifiable
servings in which all main courses
are restricted to being able to be
served with an ice cream scoop to
Happy Joe's Pizza to a pseudo-fast
food area in which all "meat" is of
questionable origin, though the
current consensus is soy, to a
variety of visiting franchises that
alter from Subway to Chick Filet to
Taco Bell and possibly more excite¬
ment yet to come forward as the
school year progresses. All of these
are subject to pricing by the school
and, as they are the only options in
the building, the prices can be
altered as they wish and people will
continue to buy the same amount.
The interesting thing about the
economics of Kennedy is that they
too have special little features as
accessories to the normal money
route. Not only in the lunch room,
but in the classroom and as a
reward for good work and effort,
the building is filled with variances
on money.
To continue with my rant about
the cafeteria so that the paragraph
before the last one seems relevant, I
will begin by focusing on some of
the interesting bits in the food realm
of the school. For example, the
famous Susan B. Anthony dollars
are actually used quite a bit within
the high school. A change machine
spits them out in exchange for
RACHEL FELLER
ID# 107449
Bt# 000107449
ID REQUIRED FOR SCHOOL EVENTS
KENNEDY HIGH SCHOOL
CEDAR RAPIDS. IOWA
1
-2-3-4
HIGH 5
Tkoufea Jc* ft Jislt wM fawl
DATE_t__
FROM 7c _ J
Lunch money can be stored magnetically on ID cards.
High 5 scrip issued by an associate principal in my school.
42
VOLUME 37, NO. 4
folded dollar bills that the vending
machines' sensitivity will not accept,
or for bills of higher denominations.
Another option would be the
student ID, Every student is issued a
photo identification card that has a
sticker for bus students and a bar
code to be used as a library card and
as an option come lunch. Money can
be placed in one's account and then
swiped away at the user's discretion.
It makes it a lot tougher for those
awful school bullies to steal the
slightly weaker (such as myself)
ones' lunch money if it is safe in an
account. More relevant, however, is
the improvement on the nutrition
front* Parents can be certain that
their young ones are not using their
money for "junk food" if they are
restricted to the school's non-
vending machine route.
Lunches are also one of two
rewards used in a positive reinforce¬
ment system administered by our
associate principal* Doing good
things like performing well in a
sport or fine arts event or having
standardized test scores returned
with high rankings earns students a
"High Five Card." There are a
multitude of ways to receive such a
gift, some silly and some very
serious. They range from the afore
mentioned to being willing to risk
social ostracism by singing the
school fight song on a karaoke
machine in the cafeteria to improve¬
ments in grades from term to term.
The accumulation of High Five
Cards brings about two possible
rewards. First, five of these cards
can be exchanged for a lunch*
Having twenty brings about a far
greater service - the associate
principal's parking space for a day*
With the 1600 students that go to
our school being mostly students
with driving licenses and a sup¬
posed need to drive in to school
every day, a parking lot designed for
smaller class sizes and apparently
more care for the environment
doesn't quite cut it People find
themselves parking further away
than some of the homes of people
who drive to school. It is very silly.
The result is that the chance to park
only a matter of meters from the
main entrance is reason enough to
keep up the good work.
A final form of money is one
which is entirely unique to Kennedy
High School: Tsang Dollars. English
teacher Eddie Tsang, most likely the
I most infamous teacher in the school,
makes Tsang Dollars for extra credit
points in his classes* Each bill is a
copy of a Chinese piece of currency
on brightly coloured paper with
Chinese figures drawn by Mr Tsang
as the anti-counterfeiting device*
These are given out for correct
answers in class, for typing assign¬
ments, and for doing work early.
Every ten dollars is the equivalent
of one point of extra credit. They
can also be exchanged for candies
and, when lucky, Mr. Tsang 1 s tasty
crab meat rangoons.
The Tsang Dollars provide a
platform from which bargaining
can begin* Someone who forgets to
bring a red pen on a day that they
are needed can purchase someone
else's extra with these extra credit
coupons* It's really very handy for
both parties in the long run.
To conclude, within the workings
of a small piece of society, there are
many exciting adventures to be had
concerning money* There are thus
an untold number of other creative
adaptations of our money and its
intent out there in the "real world*"
Money was certainly a very handy
invention and a fun one to observe
influencing every aspect of our
lives*
43
LB.MS, JOURNAL
I.B.N.S. BOARD MEETING APRIL 25,1998
VALKENBURG, NETHERLANDS
MEETING CHAIRED BY: Jos F M. Eijsermans—President
Guido Crapanzano—First Vice President
OFFICERS & DIRECTORS PRESENT: Cem Barlok, Murray Hanewkh, Christof Zellweger,
Tony Pisciotta, Roy Spick, Milt Blackburn, Michael Turner, Mel Steinberg
LB.MS, MEMBERS PRESENT: Peter Symes, Margaret Spick
AVAILABLE AND NOT EXCUSED: Director William Pheatt
The meeting was opened at 6:30 p.m, at the Geulhal, Valkenburg
Discipline:
In compliance with the procedures to be followed in implementation of Article 0, Section 7 (Expulsion and Disciplinary
Action) of the bylaws of the LB.MS., chairman of the Grievance and Discipline Committee Christof Zellweger presented four
cases of LB.MS, members who had various complaints lodged against them by other I.B.N.S. members.
The following three cases were voted on in a dosed session.
1) case 28-97 Rocco Schmakel #4373 Guilty—Expel
2} case 34-97 Shah Rahman #7493 Guilty—Expel
3) case 38-97 Yvon Ctipidon #7262 Guilty—Expel*
*although expelled by vote, it was moved that this case should be screened thorough Legal Counsel before becoming
effective since the member complied by responding to President Eijsermans by fax.
General Secretary, Milan Ahtsic, will notify the above individuals of the decisions made.
Life memberships:
Applications and information from the following individuals were received by President Eijsermans:
Michael E. Knabe #5248
Ernst Simmen #5164
Surendra A, Kotadia #5131
Haitham N. Najjar M.D. #4807
Dr. Donald W. Schleicher #1097
Najjar was not approved, since one of his three references had not responded; Schleicher was not approved; he thought it
would be sufficient to mention the five other life memberships that he holds, rather than giving us three references to be
checked. In addition, no proof of his other memberships was provided. A new application form with explanation w f as sent to
him [as of 16 June he had not responded]. No final action was taken on the applications of Knabe, Simmen, and Kotadia.
Unsolicited mailings:
A discussion was held concerning. Evzen Sknouril (#7841) of Martin Tour Praha who recently solicited many LB.MS.
members for a "Numismatic Tour and Banknote Symposium" in Prague. The use of the LB.MS. directory for direct mailings
of non-numismatic matters is discouraged. It was suggested that a letter be written to Sknouril, but no motion was passed.
LB.MS. publications:
Pres. Eijsermans submitted three recent proposals from LB.MS. members who wish to have their own "works" published
by the LB,MS.
a) Coats of Arms on World Banknotes by Charles R. Hosch
b) The Brotherhood of Money by Murray T Bloom
c) Collecting German Paper 3872-2998 by Duane Riel
Some directors question whether the LB.MS. really needs to be in the "publishing business/' Eijsermans suggested that
the board review the above three titles and make a decision at the Memphis board meeting.
Internet:
Michael Turner proposed that the LB.MS. have its own internet site. This was originally proposed three years ago and
was to be set up under the direction of Journal editor Steve Feller. Tony PisdOtta asked w r hat exactly does the LB,MS. want on
its internet site? Two I.B.N.S. members (Thomas Augustsson, Sweden, and Roberto Cacciamani, Italy) have offered to assist
in setting up an internet site. Murray Hanewich proposed that Michael Turner contact Augustsson to coordinate a plan.
Seconded by Cem Barlok; motion carried.
44
VOLUME 37, NO. 4
Comments on life membership dues:
Pres. Eijsermans read a letter from Treasurer Joe Boling concerning the new proposed fees for life and general member¬
ships. The decision was made to leave the final decision to the Memphis board meeting, since the people best informed
about this matter would be there. It was mentioned again that the increase in LM dues had nothing to do with creating more
income for the I.B.N.S., but to make it less easy to become a life member, since there is a fear that some less honest members
may use the LM status as a cover for their business.
Translation of bylaws:
It was reported that there was an error in the minutes of the London meeting concerning the statement 'Translation of
newsletter into German and French/' It should be noted that it is a translation of the bylaws into German and French, This
will be stated in the next issue of Inside LB.N.S.
Member Ryszard Strzelecki #7534:
General Secretary Milan Alusic to notify Strzelecki that his membership renewal has been refused. Letter to be sent.
Agenda mailing:
Tony Pisdotta suggested that 30 days before a board meeting an agenda should be mailed to all board members. Christof
Zellweger proposed that all board members should be mailed an agenda thirty days before a board meeting or as soon as
possible. Seconded by Tony Pisdotta, motion carried.
Note ; Second Vice President Lawrence Smulczenski has mailed letters to all hoard members
asking for their input on the agenda for the Memphis meeting.
Peter J* Rader, Archivist:
Peter J. Rader did not reply to the President even after several written requests, but Bill Pheatt has been in touch with him
and Christof Zellweger got a letter from Peter Rader as well.
Credit card payments:
It was discussed that since the I.B.N.S. does not accept Visa (credit card) payments for membership dues, it should reduce
dues to $15 or raise them to $20 in order to ease payment procedures. President Eijsermans will contact Treasurer Joe Boling
and ask what can be done with a local bank in Washington state to fadlitate credit card payment.
New UK auctioneer:
LUC Director Roy Spick is to write Bob Brooks (U.S, auctioneer) about not including a section "B" in the latest auction
catalog. Brooks was not officially informed of Mr. David Hunt's new appointment.
LB.N.S* election:
Michael Turner asked why the U.S. auctioneer requests votes in the latest auction catalog #54? Turner stated this was
against the code of ethics of the I.B.N.S. There was a suggestion to cancel Bob Brooks' candidacy, but no action was taken.
Life membership cards:
Life members have requested some form of card to show their life membership, Eijsermans and Turner proposed that all
life members should receive a new laminated card. Seconded by Peter Symes [note that Mr. Symes had no vote at this
meeting and could thus not second any motion]. President Eijsermans to request Milan Alusic to arrange for the printing and
lamination of these new membership cards.
With no further business the meeting was closed at 7:45 p.m.
Minutes recorded and submitted bp Murray Hanewich, Inside LB,NS, editor
(recast bp Joseph Boling from corrections provided bp Jos Eijsermans , and as amended bp board meeting of 20 June 1998).
45
I.B.N.S. JOURNAL
INTERNATIONAL BANK NOTE SOCIETY
Minutes of the meeting of the Executive Board, 20 June 1998
Memphis
First Vice President Crapanzano convened the meeting at 0730. Present were Second Vice President Smulczenski, immedi¬
ate past President Campbell, directors Brooks, Daniel, Hanewich, Pisciotta, and Zellweger, general secretary Alusic, treasurer
Boling, publications chair Hortmann, US auctioneer Brooks, assistant awards chair Conrad, and assistant advertising
manager West. Also present was member Brian Giese, Present at the convention but not present at the meeting wen? directors
Pheatt and Steinberg,
VP Crapanzano thanked VP Smulczenski for his efforts at creating an agenda for the meeting and turned the gavel over to
him. Smulczenski reported that the published agenda included all inputs that he had received from board members, includ¬
ing responses from four individuals who could not attend the Memphis meeting.
Old business.
The minutes of the Maastricht board meeting were read and amended to show that no life member applications were
approved at the Maastricht board meeting, and to insert the given name of Roberto Cacciamani. Moved (Brooks)/seconded
(Boling) to approve the Maastricht minutes as amended. Passed.
Zellweger reported that he had sent the Cupid on expulsion file to legal counsel Mross for review, but had received no
reply, and that he has also sent a request for advice on another case, and has received no response to that request either.
Moved (Boling)/seconded (Alusic) to approve the life member applications of Michael E. Knabe #5248, Ernst Simmen
#5164, Surendra A, Kotadia #513L Passed. Alusic will write to Haitham N. Najjar M.D. #4807 to obtain the third reference
required for his application [see the minutes of the 21 June meeting for an action that affects this application!.
Sally Thowney is to refund the dues of Ryszard Strzelecki #7534 (if not already done), since his application for readmis¬
sion after expulsion did not follow the procedures published with the bylaws; his application for readmission is rejected.
Michael Turner reported by e-mail and fax that he had not yet worked with Thomas Augustsson to set up the I.B.N.S, web
page; he promised a report at the next London board meeting, Hanewich reported that as of 12 June Augustsson reported
that he had not yet been contacted by Turner, and that Augustsson estimated the page would cost $150-250 to set up, Boling
reported that any ANA member club (of which the I.B.N.S* is one) could set up a web page on the ANA's host free of charge.
Many clubs have already done so. Pisciotta reiterated his concern for timely maintenance of the contents of the page. Daniel
suggested that the board appoint a committee to set up and maintain the site, and that the responsibility might be appropri¬
ate for the fournal editor. West suggested that we advertise for members who are willing to work on a web site. Pisciotta
asked whether we want a static site (with information only) or a dynamic site (with chat rooms and instant responses to
questions from site visitors), Hanewich was asked to put a notice in the next newsletter asking for interested members to join
a committee to assemble the site. The subject was tabled to the London meeting.
Brooks suggested that we need a contingency plan for replacing any officer who unexpectedly is unable to perform his/
her duties.
Moved (Brooks) and seconded (Boling) to accept NOJ1MA Takashi #7187 as a life member (his application had been
tabled earlier because he did not have two years' membership). Passed.
On the subject of the new UK auctioneer, David Hunt, Brooks was not notified when he was initially appointed, and Hunt
thus did not get any briefing from Brooks, Nobody seems to know what happened to the funds that were held by the
previous UK auctioneer, James Cook. Boling will write to Cook; Brooks will be in touch with Hunt. Brooks estimates that
there will be no section B in the auction until sale 56 (the second one after the one that just closed), because consignments for
sale 55 are already in hand. Zellweger reminded all that the auction rules must make explicit that if a consignor wants to
receive cash rather than a check as a payout, that transmission of cash will be at the consignor's risk (even when dispatched
by registered mail). Brooks will revise the rules accordingly, and will plan to attend the London Congress 1998 to meet David
Hunt and advise him on setting up section B of the auction.
Boling reported that he has received bids from five banks on setting up credit card processing for I.B.N.S. dues and
advertising revenues. The cost wilt be 4-5% of the charges processed, plus $500-700 to set up the system (for initiation fees,
terminal equipment, and so forth). The system would be that the secretaries would send Boling the credit charge authoriza¬
tions from the members; Boling would run the charges at his location through a Seattle bank. Crapanzano observed that we
have discussed use of credit cards several times; it's time to get on with it. Moved (Brooks) and seconded (Zellweger) to
instruct the treasurer to establish a system for use of credit cards within the I.B.N.S. Passed.
The subject of life member dues was discussed again; in the absence of any mention of an increase in the minutes of the
previous two board meetings, it was determined that LM dues are still at $300. Further discussion of a change in that figure
was tabled to the first meeting of the new board (scheduled for the next morning).
On the subject of liability insurance for the society and its officers, Boling reported receiving a quote from the ANA's
carrier for club insurance of $3185 annually, excluding any overseas operations. Boling stated a desire to pursue other quotes,
feeling that this is unreasonable compared to what similar numismatic associations (even those which operate conventions)
were paying for coverage. No action was taken.
46
VOLUME 37, NO. 4
Moved (Hanewieh) and seconded (Zellweger) that the directory integrate those who consent to have their addresses
published with those who desire only a name listing, so that only one list need be consulted for most purposes. Passed,
Moved (Brooks) and seconded (Hanewieh) that members lapsed for over two years will receive a new membership
number upon rejoining the society rather than retaining their original numbers. Passed.
Moved (Pisciotta) and seconded (Zellweger) that family members cannot inherit a deceased member's membership
number. Passed.
Boling is to write to Bill Benson about the status of the I.B.N.S, logo designs that were accepted two years ago and that
Benson was to redraft into artwork usable by the journal and for use in making distinctive jewelry Nothing has been
received from Benson.
Moved (Pisciotta) and seconded (Zellweger) to freeze the souvenir card that was approved two years ago but never
produced. Passed. Potential subjects to commemorate (such as the l.B.N.S.'s 40th anniversary) will be discussed at the
London board meeting.
New business.
The delays in producing board meeting minutes over the past year were noted; the president is to keep on top of getting
minutes distributed to the officers.
On the subject of stipends, it is apparent that many officers were not aware that the society has been paying $250/year to
the general secretary and the editor for many years. After a long discussion of the appropriateness of stipends in a society
that depends heavily on dedicated volunteers, no action was taken to change the status quo.
The publications fund was discussed at length. A1 Hortmann (publications committee chair) reminded the officers that the
fund was established by Ruth Hill to publish books of value to the members, and that a lot of her sweat equity was invested
in it. [In the days before desktop publishing, Mrs. Hill typed camera-ready copy of several entire books on her IBM Selectric.J
We should maintain a fund (or a source of funds) to do this in the future if something significant comes along. He would be
against having the fund broken up without the membership realizing its purposes and potential. The three book proposals
that had been presented at Maastricht were discussed briefly; someone noted that Coats of Arms on World Banknotes has
already been published, and nobody could see the point to the I.B.N.S. getting involved in yet another edition of The
Brotherhood of Money, by an author who is not an LB.M.5. member. Collecting German Paper 1871 - 1998 might have merit. The
consensus was that there is little need today for a society publishing house for paper money books, since several commercial
publishers are now in the field, Daniel noted that even though we may have lost money on some of our publications
(because of unsold inventory), our mission is education, and we should be prepared to take some losses to that end. Moved
(Brooks) and seconded (Zellweger) to get out of the book publishing business. Passed. Moved (Brooks) and seconded
(Daniel) to move the monies in the publications fund into the general fund, with the understanding that any application to
the board to publish a book will be considered. Passed.
The agenda item dealing with officers use of e-mail was discussed briefly. Crapanzano said that it is not correct or
practical to require that all officers acquire an e-mail capability. Pisciotta stated firmly that we must nevertheless communi¬
cate better than we have been. The secretary was asked to gather e-mail addresses from the membership as their dues come
due, and to place e-mail addresses in the directory to be published following the one currently in preparation. No motion
was presented.
Discussion of the list of ex-officio board members was deferred to the new board, to meet the following day.
The US librarian is looking for a replacement, Boling noted that he has space to store the library, but has many other tasks
taking his time. The possibility of placing the I.B.N.S. library with the ANA was discussed, since ANA members have the
privilege of borrowing by mail for lhe cost of postage (which is the same way the I.B.N.S. conducts its lending service),
Boling is to inquire of the ANA whether individual LB.N.S. members would be able to borrow books directly, or whether the
I.B.N.S, librarian would have to borrow the books and send them on to the I.B.N.S. member (thus doubling the postage
costs). Boling is also to determine whether the LB.N,S. books, should they be culled from the ANA library due to lack of use,
could be returned to the I.B.N.S. rather than placed on sale at the summer seminar, as other ANA culls are. Further action is
deferred until Boling gets more information. In the meantime, if another member wants to volunteer to be the US librarian,
let's hear from her/him.
Moved (Pisciotta)/seconded (Brooks) to accept the treasurer's report (attached) subject to audit. Passed.
Grievance and discipline committee chair Zellweger had no new actions to present at this meeting. He noted that an
advertiser from whom Boling had declined to accept ads is now clear.
Several officers noted that the education chair has been less active than desired; we should consider appointing another.
We also need to find another legal counsel, since Bill Mross is apparently too busy to attend to our business. Some officers
will approach acquaintances about taking this office.
The fact that the auctioneer has been paying consignors before receiving payment for lots was noted with disapproval.
Brooks explained that some large consignors want prompt payment, and that he is not amenable to making partial payments
(it doubles or triples the paperwork); thus he has occasionally had to eat lots when a bidder reneged and the consignor had
already been paid. The board (without vote) directed him to pay consignors ONLY after payment has been received from
bidders; if consignors arc not willing to wait a reasonable time for payments to come in from bidders, they can consign their
47
I.B.N.S. JOURNAL
lots elsewhere.
The literary awards for 1998 were announced (report attached).
General secretary Alusic reported the election results (about 450 ballots were returned). Elected were Bob Brooks (presi¬
dent, USA), Guido Crapanzano (1st VP f Italy), Murray Hanewich (2nd VP, Canada), and directors James Adams (USA), Cem
Barlok (Turkey), Stephen Dowsett (Australia), Brian Giese (USA), Bill Henderson (USA), Tony James (Australia), Tony
Pisciotta (USA), Clyde Reedy (USA), Emil Schneider (Switzerland), Michael Turner (Germany), and Christof Zellweger
(Switzerland). Six more directors will be appointed at the first meeting of the new board.
Alusic also reported that membership is fluctuating between 2250-2270, and that if a large increase in membership should
occur, he might find the workload beyond his capability to handle.
On the subject of the archivist, Hanewich reported that he has been in touch with Peter Rader, who has only a few files
from Ruth Hill and a plaque that he can't recall the purpose of [it should be the l.B.N.S/s 25-year ANA membership plaque,
received by Boling at an ANA convention several years ago and forwarded to Rader.[ We need a board decision on whether
to continue Rader's appointment and some thanks to him for his service (but no action was taken).
The London Chapter wants to purchase life memberships for Roy and Margaret Spick, in thanks for their many years of
service to the London Congress and the I.B.N.S, in the UK, We have no rate for a family life membership. Moved (Boling)
and seconded (Brooks) to accept Roy and Margaret Spick as family life members (waiving the requirement for three refer¬
ences) at a cost of $400. Passed.
Vice President Smulczenski adjourned the meeting at 1000,
Minutes prepared by Joseph E. Boling
INTERNATIONAL BANK NOTE SOCIETY
Minutes of the general membership meeting, 20 June 1998
Memphis
The meeting was called to order by 1st Vice President Guido Crapanzano at 1310. About 25 members and guests were
present. 2nd VP Larry Smulczenski announced the election results (see board meeting minutes of the same date) and
introduced the new officers who were present. Incoming President Bob Brooks addressed the members briefly
Treasurer Joe Boling read the report of the awards committee and announced that the Amon Carter exhibit award had
been won by Larry Smulczenski with his exhibit "The Banknotes that Led to the Berlin Wall." [There were only two other
world paper money exhibitors, Lance Campbell (Israeli notes) and Nancy Wilson (series 1921 Bulgarian proofs). Any of the
exhibits would have been worthy of the award this year]
There was no featured speaker; several members present spoke briefly about recent research, new discoveries, treasures
found at the Memphis convention, and recent numismatic travels. The following shared these topics with the assembled
members; Larry Smulczenski, Christof Zellweger, Niel Shafer, Murray Hanewich, Joe Boling, Howard Daniel.
Bob Brooks concluded the meeting with a request that the members support the new officers.
Minutes prepared by Joseph E, Boling
INTERNATIONAL BANK NOTE SOCIETY
Minutes of the meeting of the Executive Board, 21 June 1998
Memphis
President Brooks convened the meeting at 0800. Present were First Vice President Crapanzano, Second Vice President
Hanewich, directors Giese, Henderson, Pisciotta, and Zellweger, general secretary Alusic, treasurer Boling, assistant awards
chair Conrad, and assistant advertising manager West Also present were members Howard Daniel and Fred Schwan,
After a long discussion of potential appointive board members, moved (Boling) and seconded (Pisciotta) to appoint the
following six members as directors; Theo Van Elmpt (UK/Netherlands), Howard Daniel (USA), Antonio Pedraza (Colom¬
bia), Ermelindo Guilianini (Italy), Alban Bogeat (France), and Thomas Augustsson (Sweden). Passed. Howard Daniel
immediately took his seat as a director. Since some of these individuals were not on the ballot, and thus did not agree to
accept nomination. President Brooks should write to each and determine that each will agree to serve. Any who does not
agree to serve will result in a vacant seat to be filled by the board at the London 1998 board meeting.
The board then took up the matter of ex-officio memberships. The previous board had severely limited the number of ex-
officio members; President Brooks' initial inclination was to ask that all appointed officers listed on the officers' page of the
Journal be designated as ex-officio board members. Following discussion, moved (Boling) and seconded (Alusic) to appoint
the following as ex-officio members of the board: general secretary and assistant; treasurer; US and UK auctioneers; journal
editor and newsletter editor; grievance and discipline committee chair; awards committee chair; legal counsel; advertising
48
VOLUME 37, NO. 4
manager and assistant. Passed. [Note that many of these positions are held by persons who are already elected members of
the board; such designation does not create tw r o votes for any individual.]
The education committee chair will be replaced by the president (if necessary) after he has coordinated with the present
chair.
The need for a judging committee was discussed. Boling agreed to recruit additional judges informally.
The issue of the level of dues (annual and life) was raised again. The dual issues were increasing costs (Boling stated that
there is no need for an increase at this time on those grounds) and the ability of overseas members to easily obtain the exact
amount for cash remittances (Boling reminded the officers that after credit cards are accepted, some of the overseas members'
problems would be resolved), Boling also reminded those present that making an even amount in dollars would not make an
even amount in sterling; West stated that few in the UK use cash, and that an odd amount in sterling would not be a prob¬
lem, After long discussion, moved (Fisdotta) and seconded (Zellweger) to raise annual dues to $20 immediately, and life
member dues to $400 effective 1 January 1999. A promotional campaign will be mounted to encourage members to convert to
life membership at the current $300 level. Passed. [No figures were mentioned for sterling nor for family or junior member¬
ships; the treasurer has determined that the following dues levels will parallel the $20 level named in the motion:
regular membership
$ 20.00
£ 12.50p
family membership (one copy each mailing)
25.00
15.50p
junior membership (to age 18)
10.00
6.00p
life membership
400,00
250.00p
President Brooks called for a revision of the bylaws (without mentioning any specific sections that he wished to see
changed). He will chair a committee to review the bylaws and suggest revisions. No other committee members were named.
Moved (Boling) and seconded (Pisciotta) to change the current procedure for accepting life members to require only that
the grievance committee chair determine that there are no outstanding complaints or other matters that would raise a
question about a member's suitability for conversion to life membership. The requirement to provide three references [and
the associated delay in obtaining responses] would be dropped. The requirement for two years' regular membership would
be retained. Instead of requiring the prior approval of the board, only if the grievance chair determined that the application
was questionable would the president be notified and the application referred to the board. Passed. [This means that the two
LM applications pending from Maastricht and from the previous day (Haitham N. Najjar M.D. #4807, Dr, Donald W,
Schleicher #1097) should be processed immediately and they should be asked to submit their LM dues. In addition, the
application of John Hanon #5513, tabled at the Maastricht 1997 meeting because his name was not in the 1996 directory
should be revived if the directory was in error, as seems the case.]
Moved (Zellweger) and seconded (Pisciotta) to revise paragraph 3 of the procedures for expulsion and discipline to allow
the chair of the grievance and discipline committee (CGD) to initiate proceedings against an accused member without getting
the president's prior approval; the CGD will notify the president that an action has been initiated, and at which board
meeting it will be brought for adjudication. Boling to revise the wording of the procedures attached to the bylaws. Passed.
Moved (Pisciotta) and seconded (Hanewich) to donate $50 to the American Numismatic Association in support of the
1998 convention in Portland Oregon. The LB.N.S. will be listed in the convention program as a patron. Passed. [The ANA
provides meeting space and audio visual support free of charge annually for an I.B,N.S. meeting at the convention.]
Boling to send an e-mail to Bill Mross inquiring about the status of the referrals from Chris Zellweger.
The meeting was adjourned at 0942,
Mi mites prepared bp joseph E, Boling
INTERNATIONAL BANK NOTE SOCIETY
Minutes of the meeting of the Executive Board, 3 October 1998
London
President Brooks convened the meeting at 1707. Present were First Vice President Crnpanzano, immediate past president
Eijsermans, directors Augustsson, Bogeat, Guilianini, Pisciotta, Schneider, Turner, van Elmpt, and Zellweger, assistant
general secretary/assistant treasurer Thowney treasurer Boling, European auctioneer Hunt, and awards chair Blackburn.
Also present was member Jeff Thowney Not present and excused was director West.
Business carried over from Memphis: moved and seconded (Pisciotta/Zellweger) that the appointed officers from the
previous administration be reappointed. Passed. [This motion pertains to Alusic, Thowney Boling, West, Hunt, Feller,
Hanewich, Zellweger, Mross, Bruce, Turner, Blackburn, Stubbs, and Rader in their appointed offices. 1
The minutes of the Memphis meetings were addressed. Boling explained that the objection Turner raised to the apparent
creation of family life membership for the Spicks at the Memphis meeting (not provided for in the bylaws) was actually only
an establishment of a dues level, which is a permitted board action not requiring a bylaw change. Turner suggested that the
members shown as absent at the Memphis board meetings be shown as absent without permission. With these corrections.
49
the Memphis minutes were accepted as published.
Turner presented a report (attached) on the establishment of an I.B.N.S, website. Moved/seconded (Pisciotta/Eijsermans)
that we accept the report, appoint Turner and Augustsson as co-chairs to commence implementing it, and that they report to
the board at Maastricht on their progress at that time. Passed,
Boling reported that the selection of a bank to establish our credit card processing has been made, and that we are now
waiting for the account to be established. Various persons suggested that the membership renewal forms be annotated to
mention that credit card charges will be processed in dollars, not in the currency of the authorizing member's home, and that
the establishment of credit card procedures be advertised in all I.B.N.S. publications.
Crapanzano mentioned that Giulia nini has translated the LB.NS bylaws into Italian, and that a copy in that language is
available for anyone who desires one (request it from either of those gentlemen).
Brooks reported that Richard P. Herman #1799 of Laguna Beach, California has agreed to serve as the LB.N.S. legal
counsel, replacing William Mross. Moved/seconded (Pisciotta/Zellweger) to make that appointment; passed.
The question of retaining or replacing Brian Stubbs as education chair was resolved in favor of retention without a
motion.
Brooks will work on revisions to the bylaws and make a proposal to the board at a later date. Zellweger has revised the
procedures for implementing article II section 7 (expulsion and disciplinary action) of the bylaws; Boling has edited them.
Moved and seconded (Turner/Pisciotta) to accept the revisions except that it will still require a 2/3 majority of those voting
to expel a member (Zellweger had proposed reducing that margin to a simple majority). Passed, The revised procedures are
attached.
Boling reported that he had been unsuccessful in obtaining a response from James Cook (the previous European auction¬
eer) about the funds that Cook had at the time he resigned. Someone suggested that Richard Lobel might be able to assist.
Boling also reported that he has not been able to get a response from Bill Benson about the logo artwork that Benson took
home to clean up two years ago, Fred Schwan has been notified that the souvenir card authorized in 19%, but never created,
has been tabled. The possibility of merging the I.B.N.S. US library with the ANA library, with retention of I.B.N.S. member
access privileges, was favorably received by the ANA librarian; Boling will follow up with a written proposal to the AN A,
Boling will prepare a list of qualified I.B.N.S. exhibit judges and will attempt to have judging teams formed before arriving at
Memphis in the future.
Brooks reported that the auction rule revision discussed in Memphis had not been written yet.
The board desires that the distribution of laminated life member cards be accomplished as soon as Milan Alusic can
accomplish it. A discussion of potential replacements for Alusic when he no longer desires to hold the position of general
secretary raised the name of Brian Giese as one who has said me might be able to take the job. No change is proposed at this
time. Moved/seconded (Turner/van Elmpt) that the board investigate the possibility of Giese assisting Alusic; passed. [No
action agent was appointed.]
In closed session, Zellweger presented discipline cases resulting in the following actions: Rocco Basile 3768, guilty/
EXPEL; William Amighetti 7092, indefinite suspension pending resolution of the complaint against him. Brooks will commu¬
nicate these actions to the affected members.
Thowney presented her case for compensation for the computer that she used for I.B.N.S, business from 1994-1998; the
computer died in June and was replaced by another, purchased by her husband. Moved/seconded (Pisciotta/Boling) that she
be reimbursed £300 for the old computer and £100 annually for the use of her new computer. Passed.
Eijsermans objected to not having been notified of his defeat in the election for president in June; Boling mentioned that
the election results were part of the Memphis minutes, but Eijsermans said he never received those minutes (two other
persons, Thowney and Blackburn, also said that they had not received said minutes). The board directed (without motion)
that in future the election committee will be instructed to notify all unsuccessful candidates of the election results,
Alusic's computer has also expired. Moved/seconded (Eijsermans/Thowney) that Alusic be reimbursed the cost of his
new system ($1783.55), and that the I.B.N.S, retain no interest in the equipment. Passed. [This changes established precedent
for "no strings" provision of necessary equipment to selected officers.]
Moved/seconded (Pisciotta /van Elmpt) that Thowney's compensation for use of her husband's computer be increased
from £100 annually to £200. Passed.
The meeting was adjourned at 1921.
Minutes prepared bp joseph E. Boling
Classified Ads
Bank Notes for Sale
My World Paper Money list contains a variety of
appropriately graded and priced notes. I also issue a
wholesale list, available upon request. Richard
AINSWORTH, Box 42279, Las Vegas, NV 89116 U.S.A.
Brazilian and world bank notes bought and sold.
Brazilian bank note catalog (1833-1997), authored by
Claudio AMATO, Rua 24 de Maio 247/44,01041-001 Sao
Paulo, BRAZIL. Fax ++55-11-5505-1888.
New BOSNIAN bank notes. Also old issues and great
selections of Croatia, Yugoslavia, and other Balkan coun¬
tries, mostly UNC, Vladimir DUIC, PO Box 14-Siget, HR-
10200 Zagreb, CROATIA. FAX ++385-01-671-196.
Chicago Paper Money Expo souvenir cards. Intaglio
printed with bank note attached; 1996,1997,1998
available. $7:00 ea. post paid or all 3 cards for $16,00 post
paid. Limited supply. Brian Giese, I.B.N.S. Midwest
Chapter, P.0 Box 461, Sturtevant, WI53177.
WORLD hard-to-find bank notes for serious collectors
and bright variety for beginners. Coins too. Free exten¬
sive lists. On-approval for constant clients.
GONCHARUCK, P.O. Box 132, Kyiv-210, UKRAINE,
E-MAIL ADRESS: vova@bona.kiev.ua
LARGE SELECTION of old and new notes (errors,
specimens, too) and paper collectibles. M. ISTOMIN,
P.O. Box 2411,310001 Kharkov, Ukraine. E-mail:
<istom@v3ink.kharkov.ua>.
Great selection of RUSSIAN AND CHINESE bank
notes. Railway and city bonds of Russia. Free price lists.
Dmitry KHARITONOV, P.O. Box 97,252030 Kiev,
UKRAINE. FAX ++380-44-229-6505.
Send Classified Ads to:
Joseph E. Bolittg,
P. O. Box 8099, Federal Way, WA 98003-0099
Telephone: (253) 839-5199 FAX (253) 839-5185
E-Mail: joebo I ing@ no l.com
ad deadlines: 1st of January, April, July, and October.
or to the
U.K. Advertising Manager: Pam West,
P.O. Box 257, Sutton, Surrey SM3 9WW, England
Telephone: 0181-641-3224
ad deadlines: 15th of December, March, June, and September,
Classified ad rate is US 30e or £.19p per word —
30 word minimum ($9.00 or 5.70p), payment in advance.
LARGE BANK NOTE SELECTION of Chinese, African,
Mexican, Latin American, German, new republics, most
countries. Monthly list. Competitive pricing. Write Michael
KNABE, PO Box 3964 Pinedale, CA 93650.
WANTED TO BUY: one copy of catalog by Douglas on
Mexican revolutionary bank notes. Contact Brian
KUTNER, PO Box 584, Millville NJ 08332. I.B.N.S. 5911.
Private collector will exchange at face value uncirculated
Spanish bank notes for notes of your country. Anselmo
ROMAN1EGA, C/. Pintor Velazquez 30-4 u -C, E-28100
Madrid, SPAIN. Fax ++34-91-338-6875; email
<istz0238@correo.bde.es>.
WORLD BANK NOTES. My 70-page list is free on
request. If you have bank notes to sell I am a willing buyer.
GARY SNOVER, P.O. Box 9696, San Bernardino, CA 92427
U.S.A. Phone: (909) 883-5849. FAX only: (909) 886-6874.
PETER MORRIS
Dealer in Coins & Medals
Retail:
1, STATION CONCOURSE, BROMLEY NORTH
B.R. STATION, KENT
Postal:
P.O. BOX 223, BROMLEY,
KENT BR1 4EQ, U.K.
Telephone: -h-44-181-313-3410
Facsimile: ++44-181-466-8502
ASK FOR
OUR NEW
GB & WORLD
BANK NOTE LIST
51
BALTIC STATES, ex-USSR countries, world bank notes.
Large selection of new and old at really low prices. Free
retail and wholesale list. Romas TAMUT1S, Box 2791,
Vilnius-C, LITHUANIA.
EXCHANGE & SALE. I offer Chinese/Tibetan/
worldwide notes for trade, free list. Fred TANG, P.O.
BOX 15, Maanshan 243000, P.R.CHTNA. Email:
<fred tang@mail.ahwhptt.net.cn>.
CHINA, HONG KONG, ASIA— comprehensive bank
notes price list free on request; buying and selling.
CHEUNG Terasita G., 27/F, Block A Room 5, Sunway
Gardens, 989 King's Rd„ HONG KONG.
Are you interested in Spanish bank notes?
SPANISH AND WORLD BANK NOTES. Free price
list. Francisco FERNANDEZ TOLEDANO, Apartado de
Correos 5067,36200 Vigo (Pontevedra), SPAIN. Fax
++34 986 212755.
We issue a regular WORLD BANK NOTE LIST with
sections on cheques, parchments, postal orders, old
newspapers, and miscellaneous collectibles. We would
be pleased to send you a list. George and Jane WHITE,
29 Shortacre, Basildon, Essex SSI4 2LR ENGLAND.
Bank Notes Wanted
JACK FISHER BUYING UNITED STATES serial
number "ONE" and 11111111 to 99999999 and 100000000,
Michigan Nationals, and 1935 Canada French $1000,
Jack FISHER, 3123 Bronson Boulevard, Kalamazoo,
Michigan 49008 U.S.A.
WANTED: BAHAMAS Pick-CS3 specimen set. Please
contact R RUSSELL, I.B.N.S.# 6554 at 8 Swallow Close,
Comber, Newtownards, BT23 5UJ Northern Ireland, UK,
Tel 44 1247 870643.
NETHERLANDS, CURACAO, SURINAM, Dutch East
Indies, and rare notes of the European continent. Also
selling. J. Mathis VERKOOYEN, Ezcimarkt3,6211 LJ
Maastricht, NETHERLANDS. Phone +31-43-210708.
CONSIGNMENTS WANTED! Specialist in world bank
notes. Free price lists —buy and sell. Collections and
consignments wanted. JAMES WARMUS, Box 728, Palm
City, FL 34991-0728 U.S.A.
Books For Sale
Detnocratic Republic of Vietnam Coins and Currency.
USS34.95 payable to Howard A. DANIEL ITT. The South¬
east Asian Treasury, PO Box 626, Dunn Loring VA 22027-
0626 USA. Telephone 703-560-0744.
BOOKS ON BANK NOTES. Catalogues, bank histories,
note printing, counterfeiting, ephemera, and more on
regular free lists from Alistair GIBB (IJ4), 5 West Albert Rd,
Kirkcaldy, KYI 1DL, Fife, Scotland, UNITED KINGDOM.
Miscellaneous
THE FRAKTUR, now in its 11th year, serves Notgeld
collectors. It is the only monthly publication exclusively
devoted to Notgeld. Sample free, $10.00 annually.
COURTNEY COFFING, P.O. Box 334, Iola, Wis. 54945.
POSTCARDS wanted, pre-1920, Worldwide, top prices
paid. Will travel for large collections. Call or write to
Elaine LUCK, Box 5473, Akron OH 44334 U.S.A. Phone
330-867-6724.
JOUE COINS
Serving the Hobby Since 195.3
BUYING —SELLING
WORLD COINS and PAPER MONEY
Collectors send for sample retail price list.
Dealers send for sample wholesale price list.
P.O* Box 68,
Roslyn Heights, NY 11577-0068
24-Hour Fax: 516-944-5172
BRITISH & WORLD
BANKNOTES
* HIGH QUALITY
‘PROMPT SERVICE
‘FREE PRICE LIST ON REQUEST
52
STEPHEN STEELE (Member l.B.N.S.)
42 Meadowgate Road, Salford M6 8DR ENGLAND
0161 950 7218
I iiA \k,\(}rf^ & Coiw
AFRICA • ARABIC • ISLAMIC
BANKNOTE COLLECTORS
ALGERIAN BANKNOTES OFFERED
LOW PRICES • QUALITY GUARANTEED
FAST SERVICE
WANT LISTS SOLICITED
WHOLESALE LIST FOR DEALERS
write to
Mr. ABDELKADER BEKHOUCHE
B.P.N- 63
ALGER PORT-SAID 16001
ALGIERS - ALGERIA
FAX# 00.213.2.73.18.23
email abdeIkader.bekhouche@Iemel.fr
I.B.N.S. #7354 ANA R170939
D
WHAT YOU LL
BE SELLING
IISI THE
MONTHS
TO COME!
ijdvsrnjgu of on# of tue woe ids largest
stock of modem banknotes and coins.
2300 ' different world banknotes and COTia
from Afghanistan to Zimbabwe
- production of custom rrade pre-packeaed
eats of gonumfl banknotes and coins
organization and supply Of promotions, pujblk
city & advertising campaigns
Wo flf# the original source for an your
for all programs and promotions
Our whotesale kstngs ere available on
MIETENS & PARTNER GMBH
PO Box 21 12 16, D-3821 3 SoLgitter, GERMANY
PKtme ++49-5341 -871043 FAX ++49-5341 -73974
Ex-USSR New States
Paper Money and Coins
WHOLESALE
We are the largest supply company in Eastern Europe to
represent fifteen new countries: Armenia, Azerbaijan,
Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan,
Latvia, Lithuania, Moldova, Russia, Tajikistan,
Turkmenistan, Ukraine, Uzbekistan.
Also: Republic of Poland, Republic of Transdnestria,
Republic of Tatarstan, many local issue notes,
ruble control coupons, and more*
Supplying banknotes, circulating silver, gold,
and other coins at competitive prices
Our free lists (specify which):
Stamps, Coins & Notes
P.O. Box 422
LT-2004 Vilnius
Lithuania
Tel. ++3 70-98-30614 Fax: ++1-416-515-6853
Email: ziaunys@posc,omniteLner
LB.N.S. Life Member #98
BUYING
BANK NOTES
FRED THOMAS
Fujimidaira 1-8-11
Hamura Tokyo JAPAN 205-0013
ISRAEL—PALESTINE—JUDAICA
FOR THE PAST 25 YEARS WE HAVE BEEN THE
WORLD'S LEADING DEALER IN ALL ASPECTS OF
ISRAEL, PALESTINE AND JUDAICA (INCLUDING
HOLOCAUST) AS RELATED TO BANK NOTES, COINS,
MEDALS, TOKENSAND RELATED MATERIAL. PLEASE
LET US KNOW HOW WE CAN HELP YOU.
WILLIAM M. ROSENBLUM/RARE COINS
P.O. BOX 355
EVERGREEN CO 80437-0355
PH-303-838-4831, FAX 303-838-1213
e-mail: wmrcoins@qadas.com
53
The free Universal Paper Money Club - upmc
Not a competitor of IBMS or SPNC, but a totally new Syngraphic Paradigm
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Features, Benefits & □ppdrtunities
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The Internet News & Resources Magazine & Almanac of Syngraphics
Including the alphabetical index of hyperlinks to UPMC features
Papermoney Flea Market ..... syngraphics.net/pmfm
The Classified Advertising Section of PM WORLD - 50 Words, 12 Months, only $12.00
You do not have to be a computer user to advertise in PMFM
PAPERMONEY DICTIONARY . syngraphics.net/pmdictionary
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We’re building the WGPMPL one country at a time, one Specialist Dealer at a time
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You do not need a computer to consign notes
UPMC Perpetual Membership Directory ... syngraphics.net/pmdirectory
One-time $10.00 registration fee - alterations $2.00
You do not need to be a computer user to be listed in this Directory
Your Pricelist On The Internet . syngraphics.net/pmworld/publish2.htm
Your Book, Or Any Other Intellectual Property, On Disk Or On The Internet
syngraphics.net/pmworld/publishl.htm
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The least expensive way to advertise your entire wantlist on the Internet
One Note, One Year, One Dollar
MANY OTHER PROJECTS IN VARIOUS STAGES OF EVOLUTION
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YOUR IDEAS WELCOMED
Unsolicitated Testimonicals re UPMC & Papermoney Collecting
UPMC? Blimey! What a smashing concept! . Elizabeth Regina 11, London
I wish I’d have gotten into papermonies in 1970, instead of those [bleeped] computers.
. Bill Gates, Redmond
Some notes are actually much prettier than all my wives put together. Donald Trump, NY
Can I become the president of UPMC? No? Oh, pretty please? With sugar on it? Still
no? Well then, give me the address of IBNS. Saddam Hussein, Baghdad
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You DO NDT NEED A COMPUTER TO ADVERTISE IN THE UPMC AD MEDIA!
Publisher: Mike Tiitus
Tiitus Svngraphics • P O Box 8 • Forest City IA 50436 • USA
54
INTERNATIONAL BOND & SHARE SOCIETY
Founded 1978 for the encouragement of Scripophily
The Directory
A Membership ... — _
and Dealer ^> 0 N 0
directory, with ^
full listings for ^ m
the U.S.A., U.K., ^ JT
Germany and 40 . x
other countries*
Published annually.
The Journal
A quarterly
magazine with
40+ illustrated
pages of U.S*,
European & world
news, research,
auctions, and a diary
of coming events.
FOR INFORMATION WRITE TO:
USA.
Richard T. G r egg
15 Dyatt Place
P.O. Box 430
Hackensack, N| 076024)430
Tel: (+1)201 489 2440
Fax: t+l)201 592 0282
REST OF THE WORLD
Peter Duppa-Miller
Beechcrofl
Combe Hay
Bath BA2 7EC. UK
Tel: (+441/(0) 1225 837271
Fax: (+44V{0) 1225 840583
OR VISIT OUR WEB SITE AT:
http://members.aol.com/IBSSociety
• I P I L I^W—
Clive & Richard
DENNETT
British &. World Paper Money
U Si Bcncdttl* S«cl
NiirwKh
NR24AS
Qflt Britain.
Trl/Fu. (A 1603} 6200
Free Price List
66 St. Benedicts Street Norwich NR 2 4AR England, UK
Tel/FAX: (0)1603 624315
B. Frank & Son
hold 3 auctions each year
in March, June & November.
Over 300 lots of banknotes and another 500+ lots of
Scripophily, Coins, Books, Medals and Tokens.
Telephone, Fax or write for your FREE catalogue
B. Frank & Son
3 South Ave., Ryton.Tyne & Wear, NE40 3LD, England
Tel. 0191 413 8749. Overseas +44 191 413 8749
Fax 0191 413 2957
_ Member LB.N.S. and B.RTA _
InterCol
BARRY BOSWELL
WORLD BANK NOTES BOUGHT AND SOLD
visit Yasha Beresiner’s Gallery
at l L4 Islington High Street (in the Camden Passage) London Ml
for a free catalogue, please write to:
InieiCot * 43 Templars Crescent * London N3 3QR
tel: 0181 349 2207 • fax: 0181 346 9539
E-Mail: 10447,3341
Wc offer a first class mail order service to collectors of world bank
notes. Our sales lists are issued every six weeks and we can supply a
good selection of notes from most countries of the world.
We also need contacts in all parts of the world who can supply us
with both current and obsolete notes.
PLEASE CONTACT
BARRY BOSWELL
24 Townsend Lane, Upper Boddington,
Daventry, Northants, NN11 6DR, England
AFRICAN NOTES
Properly Graded and Reasonably Priced
Free Price List
Notes for Africa
P.O. Box 1016
Rancho Cucamonga, CA 91729-1016
55
ant iqueshares. com
Our illustrated list of
antique European shares free on request.
(Overseas please remit $4.)
179-9 Route 46 West, Suite 127
Rockaway NJ 07866
jkravetz@aol.com
phone: 973-627-8975
fax: 973-586-1314
ALBANIAN BANKNOTES
BUY AND SELL (also rare Albanian notes)
Mr. Zef Pogu (I.B.N.S. #7812)
Albanian stamps, banknotes, coins, phone cards
St. T. Noga, 113
Durres, ALBANIA
Tel-FAX ++355 52 269 57
WORLD PAPER MONEY
Specialty:
Germany since 1874
German "Notgeld"
Free Price List
HOLGER ROSENBER
Plan 5
D-20095 Hamburg ^
-direkt dem Rathaus aeaenube-
GERMANY
Tel: ++49-40-30 39 29 70
Fax: ++49-40-30 39 29 71
LM: I8NS
SPMC
ANA
IRAN AND AFGHANISTAN
We have a large stock of banknotes from
Iran and Afghanistan and some other
middle east countries. Write for a free price list.
KHOSROW ALMASTNIA
665 Finchley Rd
London NW2 2HN United Kingdom
FAX ++44-171-431-6485 "
SOUTHERN AFRICAN PAPER MONEY
I.B.N.S. #8051
Specializing in rare and not so rare
African paper money and bank notes.
Dealing in all world paper money and bank notes.
Please send us your want list and please offer us your notes.
Always looking for South African issues,
specimens and color trials.
Russell Waller
RO. Box 894
Sun City 0316
South Africa
Phone: (01465) 73609
email: banknote@intekom,co.za
Website: http://members.xoom.com/papermoney/
BUYING BANKNOTES
(all prices are in US dol lars/cents)
ALLIED MILITARY —France and Italy low values, XF+ / pay 75tf
AUSTRIAN OCCUPATION of VENICE (minors to 1 Lira) VF+/ pay 50<r
CUBA— Minors of 1896-1897, XF— UNC / pay 30e-40e
FRANCE —Assignats or Chambres de Comm. / Pay $1 Engraved
Echamillon / pay 20*
GERM AN EAST AFRICA—l rupee, common variety VF+/pay $1 to $ 1 ,50
GERMANY —English white £5 & £10 (etc.) notes, made in Germany
GREEK minors AU-Unc, P314-23 / pay 20*-40*, Pd 11 overprint / pay 35*
JAPAN —Hansatsu in VG pay $5, VF pay $7. 1 yen P-85 UNC / pay 50*
JEWISH —anti-Semitic, and Kollel monies
LATVIA —Bermondt-Avalov, Worker's Party etc. stamps / notes
NETHERLANDS EAST INDIES^any value
from 1943 series VF+ / pay 85*
PHILIPPINES —One peso VICTORY overprint / pay $1 each
RUSSIA— Catherine 100R, P-13, XF-UNC/ pay S2. Peter 500 rubles, P-14
XF-UNC / pay $3. Kerensky 1917, P-36 250 rubles XF+/ pay 75*
TIBET—PI L 100 Tams rang, orange VF+ paying S3.50. XF+ paying 54.50
UKRAINE— PI in VF+ / $15, in XF+ /$35/ UNC $80, buying all grades
USA —Colnnial/Continenta! (any condition-low grade preferred )
PLEASE OFFER BY MAIL, PHONE* FAX, OR E-MAILTG
POMEXPORT LTD.
P.O. BOX 2. RIDGEFIELD PARK. NEW JERSEY 07660 USA
PHONE: 201-641-6641 FAX: 201-641-1700
email—pomexport@compuserve.com
(Member of the IntenutionaJ Bank Note Society, American Nu mi stria tic Association,
and American Philatelic Society)
Wc can pay you immediately in Deutsche marks,
guilders, francs, ¥, £, dollars, etc.
56
WORLD BANKNOTES
BOUGHT AND SOLD—ANY QUANTITY
LARGEST STOCK OF BANKNOTES
IN THE WORLD
OVER 50,000,000 PIECES AVAILABLE
SEND FOR FREE WHOLESALE LIST
EDUCATIONAL COIN COMPANY
BOX 3826
KINGSTON, NY 12401 USA
Phone (914) 338-4871 FAX (914) 338-4972
GERMAN AND WORLD NOTES
IF YOU WANT A GOOD SELECTION OF W ORLD NOTES,
A FREE PRICE LIST AND FAIR PRICES.
IF YOU WANT NOTES THAT ARE PRICED FOR
THE COLLECTOR AND NOT THE LAST LOTTERY WINNER.
IF YOU WANT QUALITY & DEPENDABLE SERVICE-
THEN TRY OUR LIST.
PHILIPP PHIPPS
BOX 31
EMSWORTH, HANTS
PO 10 8 AX U.K.
TEL & FAX; 44 - 1243 - 376086
WORLD PAPER MONEY
BRITISH COMMONWEALTH • AFRICAN
FRENCH • ITALIAN • WORLD
BUYING AND SELLING
SEND FOR FREE LIST:
MARK STRUMPF
P.O. BOX 369
OLNEY, MD 20830
TEL: (301) 924-2428 FAX: (301) 924-1482
WORLD PAPER MONEY
specialized in Poland, Russia 2 E.Europe
http://www,atsnotesxom e-mail; ats@atsnotes.com
World Currency and Collectibles
Free Price List—Strong Buy Prices
Erik Kafrissen Toll Free: 1-888-PERTH-10
R.R. #3 Phone/Fax 613-278-0343
Lanark, ON, Canada KOG [KO e-mail: perthmoney@aol.com
F
ree
nay & Sell
Price List
_ Tom Sluszkicwicz
P.O.Box 54521, Middlegate Postal
BURNABYJE^^ANADA^5^W6.
57
AFRICAN PAPER MONEY
Free Price Lists Supplied:
(7) Southern region of Africa
(2) Northern region of Africa
P. Kichenbrand
Box 415 Great Brak River 6525
South Africa
Phone: 044-620-2078 Fax: 044-620-2873
KABC
P.O. Box 89
Carlisle
Cumbria CA3 QGH
England
Tel; No. 01228 819149
Fax; No. 01228 521176
Send for free price list of
CHINESE banknotes to
KEITH A USTIN
S. Tahsin Isbiroglu
P.O. Box 544
Alpine NJ 07620 USA
Home Phone 201-784-5633
Fax Number 201-784-0790
I.R.N.S. #6907
P 10b 10 shdlmgs 125.1937
VF
$
150
P17 5 pounds 17.2 A 947
EF
Rare
$
1,750
P21 5 pounds 20.10.1952
CYPRUS
EF
Rare
$
950
P24 1 pound 22.01.1943
DJIBOUTI
UNC
Specimen
$
595
P9b 500 frs
EE
s
775
PlB 1000 frs Govt Palestine printer
FRANCE
VG
Very rare
$
2,500
PGlb 20 frs 1904
VF
Scarce
s
750
P65c 100 frs 1905
F
Scarce
$
500
P69 KH) frs LOM 1908
FRENCH INDOCHINA
EF
Rare this cond
*
850
P41 20 piastres
IRAN
VF
$
415
PI7a Stage proof, Shah with French hat
JORDAN
AU
very rare
$
3,900
P5 50 dinars 1949
LIBYA
UNC
Very rare, specimen
$
5,000
F27 10 pounds
RWANDA
AEF
$
185
P4 500 frs s embossed overprint
SUDAN
AEF
specimen
s
1,450
Fib 25 piastres
UNC
specimen
s
250
P2b 50 piastres
TONGA
UNC
specimen
s
625
P12 5 pounds 30.11.1959
TURKEY
VF
$
425
PI 19 1 livre
AU
s
ISO
Pi20 5 Itvres
WESTERN SAMOA
UNC
specimen
s
595
P8 1 pound 20.07.1943
VF
$
425
BUYING AND SELLING
WORLD PAPER MONEY
FREE DISCOUNT SALES LISTS
PERIODIC AUCTIONS
FAST SERVICE
WORLD WIDE NOTAPHILIC SERVICE
P.O. BOX 5427-I
VALLEJO, CA 94591 U.S.A.
(707) 644-3146
QUALITY BANKNOTES
Bought and Sold
If you are interested in
World Currency
You should be Receiving our Publications
Three Illustrated
Auction Catalogues
Annually
Featuring rare and choice gold and silver coins of the world
and Mexico as well as Ancient coinage and World Paper
Money. A sample catalogue is $20 postpaid including prices
realized. An annual subscription is also available. The cost
is $60 within the U.S. $80 outside the U.S.
Ponterio & Associates , Inc.
* World • Commonwealth
* British isles * Military
Send for Free List
NOTABILITY
“Mallards" Chirton
Devizes Wiltshire SN10 3QX
England
Tel/FAX 013S0 723961
R.H. PONTERIO #308
619-299-4044
(800) 854-2888
1818 Robinson Avenue
San Diego, CA 92103
58
ANTIQUE STOCKS AND BONDS
For all your European
and world needs
Buying and Selling
Decoration - Collecting - Unique Gifts
Specialized lists from our huge international
inventory sent on request
Regular auction catalogues free on request
CENTRUM VOOR SCRIPTOPHILIE
Erik & Mario BOONE
Kouter 126,8-9800 Belgium
tel.++32 9 386.90.91
fax++32 9 386.97.66
e-mail e.boone@glo.be
BRITISH COMMONWEALTH
WORLD BANKNOTES
Bought and sold
JAK
(J. R. Leonard)
S.A.E. for quality notes—Regular lists
31, V APRON ROAD
MANNAMEAD
PLYMOUTH PL3 5NJ U.K.
STEMA
di WALTER NASI
PO Box 50
1-41051 Castelnuovo R. (MO)
ITALIA
Tel. ++39-59-536-040
Fax ++39-59-539-042
BUYING AND SELLING
We are really interested in world notes, particularly
ITALIAN, French and Italian colonies,
and WWTI occupation.
SCOTTISH NOTES
We specialize in Scottish banknotes and
issue periodic listings for England, Ireland,
Channel Islands, Commonwealth, etc. For our
current free list, write Ian Fraser of:
PENTLAND COINS
Pentland House
92 High Street
Wick, Caithness
SCOTLAND
C®INCRAFT
Opposite the British Museum
45 Great Russell St
London WC1B 3LU
0171 636 1188 0171637 8785
FAX 0171 3232860
We Buy & Sell
British and World Banknotes
Open Monday-Friday
9:30-5:30,
Saturday 9:30-2:30
Opposite the British Museum
COINCRAFT
“Nice People To Do Business With”
59
Colin Narbeth and Son LTD.
Banknote Specialists
VISIT OUR SHOP
at
NATIONAL
GAL LEW V
TRAFALGAR SQUARE
c hawi»*g
CWOSS
station
LEICESTER
SQUARE
LEICESTER SQUAWE
STATION
No- 70
c c c c
CECIL COURT
LONDON
COLISEUM
20 CECIL COURT
LEICESTER SQUARE
LONDON WC2N 4HE
WRITE FOR FREE PRICE list to our Postal Address:
6 HALL PLACE GARDENS, ST. ALBANS, HERTS., U.K. AL1 3SP
Telephones: Shop 0171 379 6975 Home 01727 868542 FAX 01727 811244
WORLD PAPER MONEY
BOUGHT & SOLD
SPECIALIZING IN
WORLDWIDE BANKNOTES,
GERMAN EMERGENCY MONEY
AND RELATED LITERATURE
OCCASIONAL PRICE LISTS
AVAILABLE ON REQUEST.
PLEASE INDICATE YOUR INTEREST
ARE YOU FAMILIAR WITH OUR DUPONT
MYLAR® CURRENCY HOLDERS?
8x5, 7 1 / z x4 l / 4 , 9 , / z x4 10x6 inches
6 3 / s x 2 3 / 4 inches for U.S. Banknotes with top fold over.
QUANTITY PRICES QUOTED ON REQUEST.
BEATE RAUCH
P.O. Box 81917 BBM
Las Vegas, Nevada 89180-1917 U.S.A.
Phone (702) 876-1330 FAX (702) 876-1404
E-Mail: beaterauch@earthUnk.net
Two locations to serve you:
STANLEY A, FURMAN STANLEY A FURMAN
PO BOX 83-2104 P0B0X41
DELRAY BEACH FL 33483-2104 B-8400 OOSTENDE 2 BELGIUM
FAX: 561-276-0797 FAX: ++32-59-514-983
BILL KRACOV
Buys and Sells
World Paper Money
*2* +2# ♦*+ ♦£* +** *2+ *»* *t* v
FREE LIST
(617) 232-4526
Box 15555, Kenmore Station
Boston, MA 02215 U.S.A.
ion
PHONE: 800-880-4177
FAX: 617-734-9846
60
BANKNOTES
We buy and sell the world's finest
Banknotes. Especially of interest are
Specimens, British Colonial, European
and their Colonies and the Far East.
FREE PRICE LISTS
TO ALL SERIOUS COLLECTORS
William H. Pheatt
6443 Kenneth Avenue
Orangevale CA 95662
Phone: 916-722-6246
WORLD BANKNOTES
MILITARY PAYMENT CERTIFICATES
ALLIED MILITARY CURRENCY
PLEASE SEND SASE
FOR OUR FREE LISTS
THINK OF OUR
GENEROUS OFFER
WHEN YOU SELL!
amm mmm
P.O. BOX 8374
ROWLAND HEIGHTS, CA
91748
U.S.A.
SERVING
TELEPHONE
(909)627-2776 (909) 627-3996 SINCE I960
E-mail: kashani10@aol.com
I.B.N.S.
ANA
SPMC
LANSA
BANKNOTES of the WORLD
BRITISH COMMONWEALTH
AFRICAN and ARABIC
BANKNOTES
Buying/Selling • Free price lists to serious collectors
TONY PISCIOTTA
P.O. Box 596,01ney, MD 20832
(301 >-774-7791
BETTER WORLD BANKNOTES
$ 10 4SJ1I33 m op I csjtf $ 10
11-' 1 w.K I(
TEN DOLLARS
P If 1
$10
We specialize in BALTIC STATES,
RUSSIA, FORMER SOVIET REPUBLICS
* LOW PRICES * FAST SERVICE *
* GREAT SELECTION * FREE PRICE LIST *
LEE GORDON
I.B.N.S. LM-KXJ
P.O. Box 5665, Buffalo Grove, IL 60089
Tel: (847) 506-1122 FAX: (847) 506-1155
Buying and selling quality world banknotes. Request Fre
lists and tel! us your special interests. Dealers, ask for
interesting wholesale lists.
MILT BLACKBURN
I.B.N.S. LM-18
Box 33888 Station "D"
Vancouver BC V6J 4L6 Canada
FAX: (604) 731-0471
61
WORLD BANKNOTES
We stock all types of World Bank Notes (no U.S* notes). We have notes for all collectors from beginners to the advanced*
Our stocklist is large and takes 4-6 sections to complete* Special large listing for Chinese Bank Notes. We also try to stock
many of the new issues from all countries. Sample of current list 50# ($1 overseas) each* Subscriptions still $4.75.
(Canada $5.75, $12.00 overseas).
Dealers/Investors: We have one of the largest stocks of inexpensive World Banknotes, most of which are UNC. Both
new and older issues. Sample list 50c ($1 overseas).
Buying; Our retail or dealer customers are our number one source for material. We need to buy a lot of banknotes. Always
looking for collections, dealer stocks, or new overseas sources. We need sources in just about all countries, especially for
new issues* What is available? Please write with description and price.
Books: We have a large variety of books on hand for coins (U.S. and foreign), paper money (U.S. and foreign ), and also
reference guides on baseball cards. Large RETAIL list available. We are also WHOLESALE jobbers for books published
by Krause Publications and others. Write for book lists.
Publishers: We are looking for additional sources of books on coins and paper money. Specialty books from different
countries wanted. Please send us details of books you publish* We may be abl e to add them to our retail/wholesale lists.
WILLIAM G. HENDERSON
P.O. Box 73037, Puyallup, WA 98373-0037
Phone: (253) 848-9194 FAX: (253) 770-0880
I.B.N.S. LM#17 BUY/SELUTRADE ANA LM 1998
62
7V07Z£D PAPSK
from £^$fghani9tan
to ^fmbflbwg
W. RIBI, Cl 1-8309 HAJKAB, SWITZERLAND
Chinese
Banknotes
Wholesale - retail
Buy - sell - trade
Wantlists Solicited
Please write:
YU CHIEN HUA
104 Middle School
Changchun 130041
Peoples Rep* of China
THE LONDON
PAPER MONEY FAIR
Sunday, November 15th, 1998
THE BONNINGTON HOTEL
92 Southampton Row, London WC1
(SOO yards from The British Museum.
Nearest tube: Russell Square, Euston Station)
9am Preview — £3.00
1Qam-5pm - £1.00
FREE BRITISH BANK NOTE LIST AVAILABLE ON REQUEST
BUYING ALL ASPECTS OF GB NOTES
Pam West
WEST PROMOTIONS
PP Box 257, Sutton, Surrey SMS 9WW
Tel/Fax: 01S1 641 3224
1999 FAIR DATES:
Feb 7th, May 16th, Sep 5th, Nov 21st
PUT THESE DATES IN YOUR DIARY NOW!!
First Asian Million Dollar Souvenir Note
Printed by the Bank of England Printing Works' Debden Security Printing Limited* Limited Edition souvenir note comes
with a Certificate of Authenticity. The note incorporates intaglio printing, micro-details, line tint and seamless colour
graduation* Symbols on note reflect more than a dozen aspects of Hong Kong and China.
Priced at US$10
For Bulk orders of 100 notes, we provide free delivery, free standee and point of purchase display
MONEYWORLD ASIA
International Wholesaler of Uncut Sheets and World Bank Notes
We pay good prices for uncut and world bank notes* Total 1997 purchases exceeded US$10 million. Direct supply
from more than 12 central banks
Main Office: 120 Cantonment Road, #03-00 Maritime House Singapore 089760
Call at 2211 755 or fax 2211 005; Contact Person: Monica Kwok
Internet: e-mail mwasn(@singnet.com.sg Website: www.moneyworkLcom.sg
^Catalogue is available upon request
63
Index to Advertisers
Richa rd Ainsworth ......—....„.~.51
Khu&row Almasinia ............ . .t __-_.... 56
Claudio . . 51
antiqueshares.com ...........56
Keith Austin . - „ „ r . „■,, , .-,- r .i .m„n r . t ,,m, i,- t .t . t>t__*_..................... ..... 58
Abdelkadcr Bckhouehe -...—....**.*■»!»■>» >»».»,»... 53
Milt Blackburn....................61
BNR Press--------Back cover
Barry Boswell ............55
Centrum Voof Seriptofilie..... 59
Comcraft .................59
Howard A. Daniel Til.. 52
Clive and Richard Dennett...........55
Vlad i m ir Duic 51
Educational Coin Company...................—....... 57
The Fraktur (Courtney Coffing)....__—....... 52
B. Frank & Son ...............................55
Stanley A. Furman .............. 60
Alistair Gibb... 52
Brian Giese............. 51
William Concha ruck - ........ 51
Lee Gordon...................... 61
William G. Henderson ........... 62
interCol 55
International Bond and Share Society ..._....._...__— .—... 55
S. Tahsin Isbiroglu ...■■■.■,■,.,—. 58
M. Istomin.,.............................___...... 51
JAK 0. R. Leonard)....____— ..—™_—._59
folie Coins .......................52
Essie Kashani *««*,+.... . ....... . .61
Dmitry Kharitonov............. 51
P. K ichen brand -....... . 58
Michael Knabe ................. Si
Bi 11 Kraeov .................—. — .60
Kra use Pu blRations_________.............--- 3
Brian Kutner.......,..............51
Elai ne Luck ................52
LJlf Mietens and Partner.........——__53
Money world Asia __................................... 63
Michael Morris Paper Money ......— ...37
Peter Morris...............................51
Colin N arbeth... ..,.«.«•««« 60
Walter Nassi................. 59
Notability ...._...__ 1 T., 1 ,.T.r.T t T, 1 r..T, r mirm r.i .....rr irn it, .„in..l r t |.m r> r- r. - g.rpir... 58
Notes for Africa -------- 55
Numis-Phil (S) Pte. Ltd...........„..........64
PenUaud Coins... .. 59
Perth Numismatics................57
William H. Fheatt.61
Philip P, Phipps....
........ . .. 57
Tony Fisdotta
...... ..... 61
Zef Pngu..
.............%
Pomexport Ltd- .......
Ponterio and Associates __.........
...58
Beate Rauch ___
W. Ribi _______
63
Anselmo Romaniega ....
.......... 51
William M- Rosenblum/Rare Coins ....
Holger Rosenberg.....
Jiiri Rtidtrh...
.......... 59
R Russell .... ........
_____ 52
Tom SluszkiewicK...
........ ... 57
Gary Snover.....
...... 51
Spink & Son r l.td..
Spink America......
....... Inside back cover
Stamps, Coins and Notes ...
.........53
Stephen Steele . . .... . .
Mel Steinberg........
.......37
Miirk Strumpf
Romas Tamuds____...........
..... 52
Fred Tang ... ...
Cheung Terasita......
...52
Fred Thomas....
.........53
Mike Tiitus......
........54
Fernandez Toledano......
........52
J, Mathis Verkooyen .....
..... . .52
Russell Waller ....
......56
lames Warmus.
. 52
West Promotions __________.....__________63
George and fane White -----—, 52
World Wide Notaphilic Service 58
Yu Chien Hua ..___............................ 63
WORLD’S LARGEST WHOLESALE LIST
ON BANKNOTES, COINS & PHONECARDS
Sent FREE on request.
PREMIUMS ★ PROMOTIONS
SUBSCRIPTION PROGRAMS
(sT^umis - <£Pktl (<£$) <£Pte
One of the World's Largest Stocks of Banknotes and Coins
Robinson Road P.O. Box 0476, Singapore 900926
Tel: (065) 225-4489 ★ Fax: (065) 225-6449
EMail: numisphl@pacific,net.sg
VISIT US ON THE WEB — Http://www-worldcurrencyxom
64
Spink America
A FULL-SERVICE RARE COIN AND BANKNOTE COMPANY
Federal Reserve Note, 10,000-Dollars,
light green seal, series of 1034, Issued at Boston, Sold for $65,000
THE SPINK ADVANTAGE:
Access to sales and expertise in all numismatic fields:
U. S. Coins and Banknotes, Coins of the Ancient World, Foreign Coins and Banknotes
Immediate entry into worldwide markets
Proven financial strength ensuring the most profitable return to our clients
PLEASE VISIT OUR GALLERIES:
Spink America, a member of the Christies group
55 East 59th Street, 4th Floor, New York City
AMERICA
A MEMBER OF THE CHRISTIES GROUP
tel: 212 546 1056 www.christies.com
Military Payment Certificates
were used in 22 countries!
Military payment certificates were used in the
following countries: Austria, Belgium,
Cyprus, England,
France, Ger¬
many, Greece,
Hungary,
Iceland,
Northern
Ireland, Italy,
Japan, Korea,
Libya, Morocco,
Netherlands,
Philippines,
Ryukyus, Scot¬
land, Vietnam,
Yugoslavia. There
are also uncon¬
firmed reports of
use in Algeria,
Denmark, Egypt,
French West Africa,
Luxembourg, Saudi
Arabia, and Switzer¬
land. In addition,
Australian, New
Zealand, and Thai
military forces have
used military payment
certificates. Learn about
this and so much more
in The Comprehensive
Catalog of Military Pay¬
ment Certificates by Fred
Schwan. $35 pju^$4
shipping in
132 East Second Street North America or $8 world wide
Port Clinton, Ohio 43452-1115-04 Price list of many other titles alsc
order via voice or fax 800 793-0683 available upon request,
also (voice and fax) (419) 732-NOTE (6683), e-mail BNR Press@aol.com
ENP Press
Live Music
Archive
Librivox
Free Audio
Metropolitan Museum
Cleveland
Museum of Art
Internet
Arcade
Console Living Room
Open Library
American
Libraries
TV News
Understanding
9/11